12/5/2023 0 Comments Binance news us customersThe SEC is requesting temporary and preliminary injunctive relief, including asset freezes, a verified accounting, repatriation of assets, expedited discovery, preservation of documents and information, and a prohibition on the destruction of evidence. In addition, "Sigma Chain engaged in manipulative trading that artificially inflated the platform’s trading volume." The regulator also alleged the control Binance and Zhao had over the platform allowed them to “commingle customer assets” and move them to an entity controlled by Zhao called Sigma Chain. The exchange, according to the SEC, secretly let high-value US customers trade on the platform after publicly claiming US customers were restricted from doing so.īinance and Zhao, the SEC said, also secretly controlled the operations of Binance.US "behind the scenes" despite claiming publicly that it was a separate, independent trading platform for US investors.īinance’s chief compliance officer, according to the SEC, said to another compliance officer in December 2018 that “we are operating as a fking unlicensed securities exchange in the USA bro." ![]() The new SEC suit against Binance outlines 13 different charges. Zhao Changpeng, founder and chief executive officer of Binance. It also tries to direct what firms need to do need to register with the SEC and requires the SEC to write new rules that are customized to govern crypto. The draft bill aims to create clarity around gaps between the rules of the CFTC and the SEC. Last week House Financial Services Committee Chair Patrick McHenry (R-N.C.) and House Agriculture Committee Chair Glenn Thompson (R-Penn.) unveiled a draft discussion bill as a possible framework to regulate cryptocurrency. One key area of debate is whether certain digital currencies are commodities or securities and therefore fall under the oversight of the CFTC and the SEC. ![]() Coinbase said in a March 22 regulatory filing it received a Wells Notice from the Securities and Exchange Commission stating that SEC staff had made a "preliminary determination" to recommend an enforcement action for violations of federal securities laws.Ĭoinbase sued the SEC in April, asking a federal judge to force the regulator to publicly share whether it would propose new securities rules for digital assets or extend existing securities rule-making processes to the asset class.Īll of these legal battles could help establish how, and whether, cryptocurrencies are regulated in the US. It has also warned the largest US crypto exchange, Coinbase Global ( COIN), of a potential action. ![]() The SEC has issued a series of enforcement actions since the beginning of January against crypto firms and individuals. The two Binance complaints represent the latest of many recent high-profile clashes between US regulators and the larger crypto world. The charges follow a similar lawsuit filed in March by the Commodities and Futures Trading Commission, which alleged Binance offered unregistered futures and options contracts to US crypto traders.
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