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SEC sues Binance for US securities violations

More than a dozen charges have been levied against Binance, which is also under scrutiny from the CFTC

Binance and founder Zhao Changpeng also face legal action from sister regulator the CFTC

Bloomberg via Getty Images
By
Jeremy Chan

The Securities and Exchange Commission has sued crypto trading platform Binance and its founder Changpeng Zhao over more than a dozen charges, including misusing customer funds.

“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 Gary Gensler, chair of the SEC.

One...