Federal regulators accused Binance, the world’s largest crypto exchange, and its CEO of violating securities laws and making false statements to investors, the latest volley in Washington’s crackdown on the cryptocurrency industry and its biggest players.
The Securities and Exchange Commission outlined 13 civil charges in the lawsuit filed Monday. Regulators accuse Binance of unlawfully engaging in unregistered offers and sales of crypto assets and failing to follow basic rules designed to prevent fraudulent and manipulative acts such as self-dealing.
The SEC is seeking restitution for victims. The agency also wants to permanently bar CEO Changpeng Zhao from acting as an officer or director of any issuer whose securities are registered with the commission.The length of the complaint, the number of charges, and the inflammatory nature of the evidence are all reminders that the SEC regulatory onslaught against crypto continues to grow exponentially, said John Reed Stark, former chief of the SEC’s office of internet enforcement.
The cryptocurrency market reeled after the SEC filing. Bitcoin was down more than 5 percent Monday, to below $26,000 — a level not seen since March.
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