The World’s Largest Crypto Exchange Binance Faces an SEC Lawsuit

The SEC filed more than a dozen charges against Binance and CEO Changpeng Zhao on Monday stemming from what the agency called a “blatant disregard” for U.S. law by the world’s largest cryptocurrency exchange.

In a 136-page complaint, the regulator alleged that Binance, its American affiliate, Binance.US, and Zhao have been operating unregistered U.S. financial institutions, misleading investors about the companies’ risk controls, inflating trading volumes and mixing “billions of dollars of investor assets” and sending them to a third-party entity owned by Zhao. The case was filed in the U.S. District Court for the District of Columbia.

“Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC Chair Gary Gensler said in a statement.

Read more at Politico.com.