The Securities and Exchange Commission, Wall Street’s primary regulator, alleges the company acted in “blatant disregard” of US securities laws. It also named Binance’s CEO Changpeng Zhao, known as CZ, as a defendant. “Through 13 charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” said SEC Chair Gary Gensler in a statement Monday.
Zhao claims that the company’s headquarters are wherever he is at any point in time, “reflecting a deliberate approach to attempt to avoid regulation,” according to the CFTC’s complaint. Gensler alleged that Zhao and Binance misled investors about risk controls, and that they “attempted to evade US securities laws by announcing sham controls that they disregarded behind the scenes so that they could keep high-value U.S. customers on their platforms.
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