SEC, Binance And CZ’s Binance.US is still looking for evidence to find out whether it has backdoors to control assets stored on its platform.
SEC Continues to Investigate Binance.US for Evidence of Potential Fraud
The SEC is concerned that Binance may embezzle U.S. crypto assets using FTX-style fraud.
Securities and Exchange Commission, Binance and founder Changpeng Zhao Binance.US continues to search for evidence that it may have a backdoor to control assets stored on its platform.
The SEC sued Binance and Binance.US in June for allegedly operating illegal securities exchanges, and its case so far has been based on the agency’s concerns about Binance’s potential to expropriate American crypto assets in an FTX-style scam.
Binance and Zhao pleaded guilty to criminal charges last week, largely resolving long-running US investigations into compliance with anti-money laundering controls and sanctions laws.
However, the Justice Department’s lawsuit did not include allegations that Binance misappropriated its customers’ crypto assets.
*This is not investment advice.
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