Binance under attack: The SEC sued the giant of the crypto industry and its head
On Monday, the US Securities and Exchange Commission (SEC) sued the world's largest cryptocurrency exchange Binance and its CEO Changpeng Zhao. The charges include “network of deception”, artificially inflating trading volumes and redirecting clients' assets. SEC approves, that Binance and Zhao secretly controlled clients' assets, which allowed them to mix and redirect customer funds. Besides, is accused of, that the exchange created separate US legal entities as part of a complex scheme to circumvent US federal securities laws.