Crypto News

Binance and CZ are sued by the SEC for securities law violations

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and the company’s CEO, Changpeng Zhao. Bloomberg reported on 5 June

a copy of Admission Detailed allegations of ignoring federal securities law and putting investors at risk. It states that the defendants made billions in profits by soliciting US investors to buy, sell and trade using its unregistered platform.

Charges have also been filed against BAM Trading Services Inc and BAM Management – ​​with whom Binance has partnered june 2019 In response to allegations, CZ to launch Binance US Said,

,After looking into the complaint, we will issue a response. Haven’t seen it yet. The media gets the information before we do.,

CFTC action pending with Binance

In March, Binance was sued by the Commodity Futures Trading Commission (CFTC) over allegations of regulatory commodity violations, which included allowing US citizens to use its cryptocurrency platform without registering with the agency.

CZ commented that the CFTC’s action was “unexpected and disappointing”.

More details on the SEC filing will follow once the information is released.

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