S&P 500
7,512.00
-0.17%
Dow Jones
51,617.40
-0.27%
Nasdaq 100
30,425.40
-0.18%
Russell 2000
2,979.63
+0.05%
FTSE 100
10,403.20
-0.17%
Nikkei 225
72,067.20
+0.13%

Investing

SEC Sues Binance and Changpeng Zhao Alleging Securities Laws Violation

Photo of 247patrick
By 247patrick Published
SEC Sues Binance and Changpeng Zhao Alleging Securities Laws Violation

© Anton Zubchevskyi / iStock Editorial via Getty Images

The Securities and Exchange Commission filed a complaint against Binance, the world’s largest cryptocurrency exchange on June 5th.

The complaint also targets Changpeng Zhao, the chief executive officer of the exchange.

Binance has been under high regulatory pressure for multiple months and its US branch is reportedly seeking to reduce CZ ownership stake as a way of reducing said pressure.

Binance has also recently been sued by the Commodity Futures Trading Commission.

US regulators have been increasingly targeting cryptocurrency firms since the downfall of Sam Bankman-Fried’s FTX in November 2022.

This article originally appeared on The Tokenist

Follow 24/7 Wall St. on Google
Photo of 247patrick
About the Author 247patrick →

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

They Dream of Retiring On The Road. How Big a Portfolio Do They Need for RV Living?
Drew Wood |

They Dream of Retiring On The Road. How Big a Portfolio Do They Need for RV Living?
The Average American Leaves $2,954 on the Table Every Year by Skipping the 401(k) Match
David Beren |

The Average American Leaves $2,954 on the Table Every Year by Skipping the 401(k) Match

Continue Reading

Bitcoin Rises Back Above $27,000 a Day After SEC Sues Binance
247patrick |

Bitcoin Rises Back Above $27,000 a Day After SEC Sues Binance

Despite complaints against Binance and Coinbase, the price of many digital assets noticeably recovered by Tuesday afternoon.

CZ Looking to Reduce Stake in Binance.US Due to Regulatory Scrutiny
247patrick |

CZ Looking to Reduce Stake in Binance.US Due to Regulatory Scrutiny

The CEO and founder of Binance reportedly is looking to reduce his stake in the company’s U.S. affiliate.

Coinbase Closes 9% Down as Crypto Industry Reels From Binance Lawsuit
247patrick |

Coinbase Closes 9% Down as Crypto Industry Reels From Binance Lawsuit

The sharp decline in digital asset stocks was triggered by a lawsuit filed by the SEC against Binance.

SEC Files Emergency Motion to Freeze Binance.US’ Assets
247patrick |

SEC Files Emergency Motion to Freeze Binance.US’ Assets

A day after announcing its lawsuit against Binance, the SEC filed an emergency motion to freeze the cryptocurrency held by…

Grayscale Withdraws Filecoin Trust Form 10 Registration
247patrick |

Grayscale Withdraws Filecoin Trust Form 10 Registration

Grayscale has filed a request with the Securities and Exchange Commission to withdraw its Form 10 application for its Filecoin…

Binance Will Likely Face Criminal Charges in the US: SEC Veteran
247patrick |

Binance Will Likely Face Criminal Charges in the US: SEC Veteran

An SEC veteran believes the U.S. Department of Justice is likely to file criminal charges against Binance, if it hasn’t already.

Circle Denies Receiving Wells Notice as Rumors of SEC Crusade Engulf Twitter
247patrick |

Circle Denies Receiving Wells Notice as Rumors of SEC Crusade Engulf Twitter

The chief strategy officer of Circle has denied the rumors that his company received a Wells notice from the SEC.

Is Tether (USDT) the Next Target of the SEC?
247patrick |

Is Tether (USDT) the Next Target of the SEC?

The SEC has filed complaints against two of the biggest players in the crypto industry, stirring up speculation as to…

USDC’s Circle Warned NY Regulators Binance Wasn’t Properly Backing Tokens
247patrick |

USDC’s Circle Warned NY Regulators Binance Wasn’t Properly Backing Tokens

The issuer of the USDC stablecoin reportedly warned New York watchdogs that Binance was not properly backing the tokens it…

Top Gaining Stocks

CarMax
KMX • Vol: 7,330,419
Corning
GLW • Vol: 22,800,969
Intel
INTC • Vol: 233,719,006
Super Micro Computer
SMCI • Vol: 68,465,534
Enphase Energy
ENPH • Vol: 13,978,376

Top Losing Stocks

Accenture
ACN • Vol: 41,744,333
EPAM Systems
EPAM • Vol: 5,636,587
Cognizant
CTSH • Vol: 61,311,400
Coterra Energy
CTRA • Vol: 73,319,495
Kroger
KR • Vol: 26,704,230