The United States Securities and Exchange Commission (SEC) has sued the world’s largest cryptocurrency exchange, Binance, and its CEO and founder, Changpeng Zhao, for allegedly failing to restrict US customers from its platform and misleading investors about its market surveillance controls as well as for operating an unregistered securities exchange.The SEC’s complaint, filed on Monday in federal court in Washington, DC, also accused Binance and Zhao of secretly controlling customers’ assets, allowing them to commingle and divert customer funds, and charged that Binance had created separate US entities “as part of an elaborate scheme to evade US federal securities laws”.In a tweet, Zhao said the company would issue a response to the charges once it had viewed the complaint.
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