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. The Securities and Exchange Commission today charged Binance Holdings Ltd.
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