SEC accuses Binance of lying to customers, operating in US illegally

The US Securities and Exchange Commission has filed suit against Binance, alleging an “extensive web of deception.”

The SEC alleged in a lawsuit that Binance and affiliated companies repeatedly lied to customers and misdirected funds to a separate investment fund owned by Binance founder and CEO Changpeng 'CZ' Zhao, in an echo of similar accusations against Binance’s former rival FTX and its founder Sam Bankman-Fried.

“As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied,” Gensler said in a release announcing the enforcement action. “They attempted to evade U.S.

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