Multiple media claimed that the SEC sued CZ and Binance for breaking US securities rules. More specific mishandling customer funds!
2 min read
Hi everyone,
HERE IS THE OFFICIAL ANNOUNCEMENT OF THE SEC: https://www.sec.gov/news/press-release/2023-101
Most important info:
“The Complaint also charges violations of critical registration-related provisions of the federal securities laws:
Binance and BAM Trading with operating unregistered national securities exchanges, broker-dealers, and clearing agencies; Binance and BAM Trading with the unregistered offer and sale of Binance’s own crypto assets, including a so-called exchange token, BNB, a so-called stablecoin, Binance USD (BUSD), certain crypto-lending products, and a staking-as-a-service program; and Zhao as a control person for Binance’s and BAM Trading’s operation of unregistered national securities exchanges, broker-dealers, and clearing agencies.”
Multiple media claimed that the SEC sued CZ and Binance for breaking US securities rules. Bloomberg and the NY times are one of them. They say that Binance mishandled customers funds.
Also this is trending on Crypto Twitter, here are some Tweets:
There are also some rumors that Binance will chose a new CEO, but there is too much FUD at this moment to filter what really happened. These allegations are similar to where FTX are charged with.
The BNB price also dumped on the news:
If this is going to blow up, it could result in a big market dump. I’ll edit this post if I can find the SEC announcement.
What do you guys think about this?
Source:
https://twitter.com/dlauer/status/1665739500746620936 https://twitter.com/WuBlockchain/status/1665738913716264960 https://www.nytimes.com/2023/06/05/business/sec-binance-charges.html https://coinmarketcap.com/currencies/bnb/
submitted by /u/ChemicalGreek
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