What Is Happening With Binance?

3 min read 06 Jun 2023, 04:27 PM IST The Wall Street Journal

The SEC sued the largest crypto exchange and its controlling shareholder

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo (REUTERS)

The Securities and Exchange Commission on Monday sued global crypto exchange Binance, its founder Changpeng Zhao and its American affiliate Binance.US. The civil suit alleges they showed “blatant disregard for the federal securities laws" and enriched themselves at investors’ expense. The complaint also says Binance commingled customer funds and put users’ assets at risk.