![]() ![]() In that case, Bankman-Fried allegedly used the customer funds to buy real estate and make investments and political purchases.īinance didn't specifically address the SEC's allegations of commingling and diverting customers' funds, but said it objected to the agency's claim that it was operating as an unregistered securities exchange. In that case, FTX co-founder Sam Bankman-Fried was charged with violations of securities laws, with the SEC alleging that he commingled FTX customers' funds into a venture he controlled. ![]() The charges against Binance echo some of the allegations against another cryptocurrency exchange, FTX Trading. JA federal judge on Tuesday urged the Securities and Exchange Commission to strike a compromise with Binance that would allow the global cryptocurrency exchange to continue operating. We now join a number of other crypto projects facing similarly misguided actions from the SEC and we will vigorously defend our business and the industry." Binance has agreed to repatriate its US customers' assets pending a massive lawsuit against the world's largest crypto exchange, the US Securities and Exchange Commission said Saturday. US regulators are seeking to ban Binance, the world's largest crypto trading platform, alleging that the firm has been operating in the country illegally. "We are disappointed that the SEC chose to file a complaint today against Binance seeking, among other remedies, purported emergency relief. 17, 2018 Flickr / anieto2k Regulation appears to be coming to the world of cryptocurrency, as online exchanges in China and South Korea have recently been shut down as government regulators. The lawsuit "comes after extensive cooperation and recent good-faith negotiations," Binance said. In an emailed comment to CBS MoneyWatch, Binance called the SEC's actions "unjustified." Since Binance.US’s inception and through at least 2022, auditors from Armanino have identified significant deficiencies that aggregated to material weaknesses relating to Binance’s control. ANALYSIS - SEC Legal Actions Against Binance, Coinbase Show Lack Of Transparent Crypto Rules In US. Binance Case Has Parallels With FTX Case: SEC’s Gensler The SEC’s civil lawsuit stands out because of Coinbase’s high profile in the US, and its status as a publicly traded company. ![]()
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