Zhao and Binance publicly claimed that US customers were barred from transacting on, but the platform "secretly" allowed high-value customers to keep trading, the SEC said. The SEC case comes on the heels of charges in March by another US regulator, the Commodities Futures and Exchange Commission. The Securities and Exchange Commission filed a civil complaint listing 13 charges involving platforms and other investment entities controlled by founder Changpeng Zhao, who was once seen as the archrival of disgraced crypto tycoon Sam Bankman-Fried. The case also alleges Binance misused customer funds. Binance handles around 50% of all crypto trading volume.īinance allegedly permitted US residents to trade, even though the platform is not registered in the United States as a securities exchange. Binance Coin is the fourth-largest token, with a market value of around $43 billion. Bitcoin accounts for almost 50% of the value of the $1.2 trillion crypto market, according to data from CoinMarketCap. Meanwhile, Ethereum, fell around 4%.Īccording to Bloomberg, Binance Coin, the native token of the ecosystem of the world’s biggest digital asset exchange, fell as much as 13%. This after having just hit its lowest levels since March under $25,500. Cryptocurrency markets experienced a big intraday drop, a day after US authorities charged cryptocurrency giant Binance with securities law violations and lying to regulators as per a Bloomberg report.īitcoin fell over 6% and was trading around the $25,800 mark. Binance’s alleged control over its US affiliate’s finances has come under the spotlight again following the revelation that a senior executive, Guangying Chen, was the main operator of five bank accounts belonging to Binance.US, including one that held American customers’ funds.
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