![]() Zhao as a control person for Binance’s and BAM Trading’s operation of unregistered national securities exchanges, broker-dealers, and clearing agencies.Binance and BAM Trading with the unregistered offer and sale of Binance’s own crypto assets, including a so-called exchange token, BNB, a so-called stablecoin, Binance USD (BUSD), certain crypto-lending products, and a staking-as-a-service program and. ![]() Binance and BAM Trading with operating unregistered national securities exchanges, broker-dealers, and clearing agencies.The Complaint also charges violations of critical registration-related provisions of the federal securities laws: Further, the Complaint alleges that the defendants concealed the fact that it was commingling billions of dollars of investor assets and sending them to a third party, Merit Peak Limited, that is also owned by Zhao. (“BAM Management”) misled investors about non-existent trading controls over the Binance.US platform, while Sigma Chain engaged in manipulative trading that artificially inflated the platform’s trading volume. The SEC’s complaint further alleges that BAM Trading and BAM Management US Holdings, Inc. The SEC also alleges that Zhao and Binance exercise control of the platforms’ customers’ assets, permitting them to commingle customer assets or divert customer assets as they please, including to an entity Zhao owned and controlled called Sigma Chain. ![]() 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. In its most recent statement, Binance.US has asked any users who had unsuccessful withdrawal attempts to try again “as our systems remain fully operational,” but it also issued a warning that the relief might not last indefinitely.The Securities and Exchange Commission today charged Binance Holdings Ltd. In the midst of its ongoing dispute with the US Securities and Exchange Commission (SEC), Binance.US suspended US dollar deposits on June 9 and informed its users that fiat withdrawal withdrawals would soon be unavailable.Īt the same time, customers were also alerted that Binance banking partners were getting ready to halt fiat (USD) withdrawal channels as early as June 13 although nothing of the sort has happened as of yet. However, the exchange has cautioned its customers that the relief may not last.īinance.US standoff with banking partners Copy link to section The news comes days after the exchange reached a deal with the US SEC not to freeze its assets.īinance.US stated that its system is still fully functional and that USD withdrawal requests are anticipated to resume processing within five business days. ![]() According to the exchange, the problems were resolved after working with its banking partners. Binance’s subsidiary in the US, Binance.US, has informed customers that its problems with USD withdrawals have been resolved. ![]()
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