- Binance and CEO Zhao are facing 13 fresh charges from the SEC.
- One of the newer allegations is wash trading on Binance.US.
- Much evidence is now emerging on how Binance was tightly tied to the operations of Binance.US.
The world’s largest crypto exchange has managed to skirt regulations in the U.S. through different means, such as operating an independent exchange called Binance.US. However, the clandestine nature of this arrangement seems to be unraveling.
In a daming investigation, Reuters reported tight controls between the parent exchange and the U.S. subsidiary, which has now led to the SEC filing a major lawsuit against Binance.
The SEC has detailed 13 counts against Binance, including allegations that a trading firm owned and controlled by CEO Changpeng Zhao was engaging in wash trading on the platform of its US-based affiliate.
SEC’s Allegations Outlined
As part of the 136-page…
