• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

    May 9, 2025

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»SEC Sues World’s Largest Crypto Exchange
Business

SEC Sues World’s Largest Crypto Exchange

June 5, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
PORTUGAL-TECH-WEB SUMMIT
Share
Facebook Twitter LinkedIn Pinterest Email

The Securities and Exchange Commission (SEC) filed 13 charges Monday against the world’s largest cryptocurrency exchange, Binance, and its co-founder Changpeng Zhao for allegedly running an illegal operation, according to court documents.

Binance allegedly operated an illegal cryptocurrency exchange, and Zhao allegedly commingled billions of dollars of customer funds and distributed them to another entity he controlled, according to the SEC court filing. The defendants showed a “blatant disregard of the federal securities laws and the investor and market protections these laws provide,” the SEC stated.

“In so doing, Defendants have enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk,” the filing continues.

Zhao and Binance allegedly moved investors’ crypto and fiat assets, including billions of U.S. dollars of customer funds to Merit Peak Limited, a company controlled by Zhao incorporated in the British Virgin Islands, according to the filing.

“We are operating as a fking unlicensed securities exchange in the USA bro,” Binance’s then-chief compliance officer Samuel Lim acknowledged to another compliance official in December 2018, according to the SEC filing.

The SEC suit follows a Commodity Futures Trading Commission (CFTC) lawsuit in March that Binance and Zhao did not follow regulations, according to a CFTC filing. (RELATED: Executives At Signature Bank Dumped $100 Million In Stock During Crypto Uptick)

ATLANTA, GEORGIA – NOVEMBER 09: In this photo illustration, the Binance website is seen on a computer on November 09, 2022 in Atlanta, Georgia. Binance, the world’s largest cryptocurrency firm, agreed to acquire FTX, another large cryptocurrency exchange, in a rushed sale in order to prevent a liquidity crisis, which is known as the “Lehman Moment” in the crypto industry. (Photo Illustration by Michael M. Santiago/Getty Images)

Meanwhile, the company allegedly hid its efforts to help certain high-value U.S. customers keep trading on the platform, according to the filing. “[O]n the surface we cannot be seen to have US users[,] but in reality, we should get them through other creative means,” Lim stated.

See also  U.S. opens safety probe into Tesla that struck student in North Carolina

Zhao allegedly said his “goal” was “to reduce the losses to ourselves, and at the same time to make the U.S. regulatory authorities not trouble us,” according to the filing.

“We believe the lawsuit is baseless and we intend to defend ourselves vigorously,” Binance.US said in a statement on Twitter, adding, “today’s filing is unjustified by the facts, by the law, or by the Commission’s own precedent. The relief sought by the Commission would harm the very investors the SEC is charged with protecting.”

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Crypto Exchange largest SEC Sues Worlds
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Several Women Accuse ‘Ant-Man’ Star Jonathan Majors of Abuse Amid Domestic Violence Investigation

April 24, 2023

Town Flooded with Wine After Tanks Explode

September 13, 2023

Carvana, Novavax, Fisker and more

July 10, 2023

Cash-Strapped Pakistan To Receive $500 Million From Chinese Bank

March 17, 2023
Don't Miss

How Smart Mattresses Improve Sleep Quality For Couples

Lifestyle May 9, 2025

Sharing a bed with your partner can be romantic… until it’s not. One of you…

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,111)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,628)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Actress Melissa McCarthy Cites Robin Williams, Monty Python, Jack Lemon in Post Supporting Drag Queens

March 17, 2023

Manson Cult Member Leslie Van Houten’s Parole Request Reinstated

May 31, 2023

Titans Fans Brawl in Wild Parking Lot Fight

January 9, 2024
Popular Posts

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.