The gist of the case is that Binance made about $11.6 billion from the transactions: Allegedly, the exchange’s clients’ assets were scrambled and withdrawn to the Binance.US exchange controlled by Binance owner Changpeng Zhao, bypassing the rules set by the regulator.
The lawsuit also involves Sigma Chain, which is managed by Zhao. The money laundering period of Binance is from June 2018 to July 2021.
The SEC’s main claim is that Binance and its operator, BAM Trading, operate the Binance.US exchange, which was created for US customers after Binance withdrew from the US crypto market in 2019. The SEC claims that Changpeng Zhao and Binance “secretly control” Binance.US operations.
Source: Ferra
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
