The Securities and Exchange Commission (SEC) filed 13 charges Monday against the world’s largest cryptocurrency exchange, Binance, and its co-founder Changpeng Zhao for allegedly running an illegal operation, according to court documents.
Binance allegedly operated an illegal cryptocurrency exchange, and Zhao allegedly commingled billions of dollars of customer funds and distributed them to another entity he controlled, according to the SEC court filing. The defendants showed a “blatant disregard of the federal securities laws and the investor and market protections these laws provide,” the SEC stated.
“In so doing, Defendants have enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk,” the filing continues.
Zhao and Binance allegedly moved investors’ crypto and fiat assets, including billions of U.S. dollars of customer funds to Merit Peak Limited, a company controlled by Zhao incorporated in the British Virgin Islands, according to the filing.“We are operating as a fking unlicensed […]
Excerpt Sourced From: ourgoldguy.com
