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SEC Sues Binance and Changpeng Zhao Alleging Securities Laws Violation

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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

Contact [email protected] for any questions or corrections.

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