"e are operating as a fking unlicensed securities exchange in the USA bro," he wrote. The agency points to a message Binance's chief compliance officer sent to a colleague in 2018: The defendants "chose not to register, so they could evade the critical regulatory oversight designed to protect investors and markets," the S.E.C said, in its suit. In speeches and congressional testimony, Gensler has called on crypto companies to register with the S.E.C. "We intend to defend ourselves vigorously," the company said. In a statement posted on Twitter, Binance.US called the lawsuit "baseless." "Zhao and Binance secretly controlled the Binance.US platform's operations behind the scenes," the agency said, in a statement. operations independently, but according to the S.E.C., that firewall has been more permeable than the company has let on publicly. Two subsidiaries, BAM Trading and BAM Management, supposedly controlled the U.S. These are exchanges where you deposit your crypto and do your financial activities within the exchange’s internal systems. customers" to trade on its international exchange. So far, these all included what is called a centralized exchange like Binance. says the company and its chief executive "subverted their own controls to secretly allow high-value U.S. As such, U.S.-based investors aren't supposed to use Binance's global platform, known as .īut in today's filing, the S.E.C. Since 2019, Binance has run a separate exchange for customers in the United States, known as Binance.US, to comply with U.S.
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