This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil charges against Binance Holdings Ltd., operator of a cryptocurrency exchange that has handled as much as $9.58-trillion in trading, and its Canadian founder, Changpeng Zhao. (All figures are in U.S. dollars.) The SEC claims that the firm operated as an unregistered exchange in the U.S., taking steps to circumvent the possibility of U.S. regulatory action. Mr. Zhao set up the operation in a way that provided no oversight or controls over billions of dollars in assets, according to the SEC.

The allegations are contained in a civil complaint that the SEC filed on Monday, June 5, in the District of Columbia. The complaint identifies Binance as a company incorporated in the Cayman Islands. It markets itself as being available to customers in 100 countries, carrying 350 crypto assets.

The SEC identifies Mr. Zhao as a Canadian who is also known as "CZ." He founded Binance in 2017 and has since served as its owner and chief executive officer. According to the complaint, he personally received $62.5-million from one of Binance's bank accounts in the four months leading up to January, 2023. He has never been associated with any SEC-registered entity.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS