The crypto exchange is accused of operating an illegal exchange and fraud.
Binance operates a Binance.US platform, much like FTX did, which it claims is separate from its main platform. However, the SEC has claimed that Binance has conducted multiple actions to escape regulatory oversight in the U.S., which Binance denied in a statement.In the lawsuit filed in a court in Columbia, the SEC named Binance founderand called Binance a "broker-dealer, exchange, and clearing agency" which lacked proper registration in the country.
Moreover, the platform claimed that it had applied controls over manipulative trading on the Binance.US platform when it was virtually nonexistent, the lawsuit alleges—the SEC singled out the practice of "wash-trading" where traders illegally buy assets from accounts they control to inflate their prices and said that there were no monitors for such activity.Investigations into Silvergate Bank, a lender in the U.S.
Reuters has previously reported that a deputy of Chen transferred $400 million to a trading firm, Merit Peak, controlled by Zhao in 2021. Binance.US claimed that Merit Peak was withdrawing its funds in this transaction. However, reports also suggest that Binance.US did not separate customer deposits from the company's funds, a requirement as per U.S. laws.
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