Over $3 billion BNB vanished briefly after the news broke out. The community is in upheaval but CZ stays sturdy.
Binance, the world’s leading crypto exchange, and its CEO, Changpeng Zhao are being sued by the U.S. Securities and Exchange Commission (SEC) over security regulatory violations, as reported by Bloomberg this morning.
Empire Under Fire
In a significant development on Monday, the SEC has filed 13 charges against Binance and its CEO, accusing the exchange of mishandling funds.
In addition, the regulatory body allegedly provided false information to regulators and investors and engaged in manipulative trading practices.
The SEC’s charges include the accusation that Binance mixed substantial amounts of customer funds, amounting to billions of dollars, and secretly funneled them to Merit Peak, a separate company under the control of Binance’s CEO, CZ.
This alleged commingling of funds raises concerns about the security and…
