investors, Zhao and Binance secretly controlled the Binance.US platform’s operations behind the scenes. Further, the SEC alleges that, while Zhao and Binance publicly claimed that Binance.US was created as a separate, independent trading platform for U.S. customers to continue trading on the platform.
customers were restricted from transacting on, Zhao and Binance in reality subverted their own controls to secretly allow high-value U.S. (“BAM Trading”), which, together with Binance, operates the crypto asset trading platform, Binance.US and their founder, Changpeng Zhao, with a variety of securities law violations.Īmong other things, the SEC alleges that, while Zhao and Binance publicly claimed that U.S. (“Binance”), which operates the largest crypto asset trading platform in the world, U.S.-based affiliate, BAM Trading Services Inc. The Securities and Exchange Commission today charged Binance Holdings Ltd.
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