The world’s largest cryptocurrency exchange, Binance, was sued by the Securities and Exchange Commission for allegedly operating an illegal exchange in the US and mishandling billions of dollars in money.
The lawsuit – which is the latest action taken by regulators to get crypto firms to comply with US law – was filed in federal court in the District of Columbia on Monday, and named Changpeng Zhao as a defendant.
Zhao is the founder and controlling shareholder of the cryptocurrency. Wall Street regulator SEC filed 13 charges against Binance for allegedly mishandling billions in customer funds, as well as lying to regulators and investors about its operations.
Interesting as Zhao is blamed/credited with bringing down Sam Bankman-Fried and FTX.
