UPDATE: The price of bitcoin has plunged under $26K as the details roll in from the SEC's suit against Binance and CZ. nikhileshde and IanAllison123 report
The U.S. Securities and Exchange Commission sued crypto exchange Binance, the operating company for Binance.US and Binance founder and CEO Changpeng"CZ" Zhao on allegations of violating federal securities laws on Monday.
"As a second part of Zhao’s and Binance’s plan to shield themselves from U.S. regulation, they consistently claimed to the public that the Binance.com Platform did not serve U.S. persons, while simultaneously concealing their efforts to ensure that the most valuable U.S. customers continued trading on the platform," the suit said."When the Binance.US Platform launched in 2019, Binance announced that it was implementing controls to block U.S. customers from the Binance.
Sigma Chain also bought a yacht for $11 million from the account that had access to customer funds, the SEC said. "I realized, huh, I'm not actually the one running this company, and the mission that I believe I signed up for isn't the mission. And as soon as I realized that, I left," former U.S. CEO Brian Brooks – who took over after running the U.S. Office of the Comptroller of the Currency – is quoted as saying, though he's identified only as"CEO B" in the suit. Brooks resigned after just three months at the helm of Binance's U.S. arm.
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