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Headline : Why the SEC is suing Binance

Read more from the original article on here at qz.com.




Tags : #sec #suing #binance


No. of Paragraph 11

The US Securities and Exchange Commission (SEC) has sued Binance, the world’s largest crypto exchange by volume, alleging that the company sold unregistered securities in the US.

The company also faces a lawsuit from the US Commodities and Futures Commission (CFTC) alleging that the exchange sold unregistered commodities derivatives to US retail investors.

Founded by “CZ” Changpeng Zhao in 2017, Binance was built to address what CZ found lacking in crypto market infrastructure, namely technical architecture, security, liquidity, and customer and language support.

The company created two separate entities for its US arm, with the expressed intent of escaping the ire of American regulators. Binance.US was run by BAM Management and BAM Trading, and would only serve Americans and be run by separate executives, while Binance.com served everyone else around the globe.

Read more from the original article on here at qz.com.


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