On behalf of the American people, the Securities Exchange Commission (SEC) has filed 13 charges against Binance, the world’s largest cryptocurrency asset trading platform. Also charged was Binance’s founder, Changpeng Zhao, a United Arab Emirates resident. The charges included operating an unregistered exchange, misrepresenting the trading controls that monitor transactions, and the unregistered offer and sale of securities instruments.
The SEC alleges that while Zhao publicly claimed that U.S. customers of Binance were restricted from transacting on the Binance.com website, Zhao secretly allowed high-net-worth U.S. customers to continue trading there.