So far, the biggest target has been FTX, a company that collapsed in spectacular fashion and faces a slew of criminal charges that threaten to send its founder and former CEO, Sam Bankman-Fried, to prison for over 100 years.
SEC's actions are the latest in a barrage of actions being taken by regulators against crypto companies. Regulators are going after crypto companies securities laws by announcing sham controls that they disregarded behind the scenes so they could keep high-value U.S. "Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law," said SEC Chair Gary Gensler, in a statement. customers to trade crypto on an exchange that is supposed to be off-limits to U.S. also accused Binance of running an unregistered trading platform in the U.S. accused Zhao and his company of misleading investors about Binance's ability to detect market manipulation as well as of misusing customer funds and sending some of that money to a company controlled by CZ, among other charges. It's the latest in a string of actions being taken against crypto companies.Īnd on Tuesday, the Securities and Exchange Commission sued Coinbase, which runs the largest cryptocurrency exchange in the U.S.īoth companies are accused of failing to register with the S.E.C., which claims to have regulatory oversight of most cryptocurrencies. On Monday, it filed 13 charges against Binance, which operates the world's top crypto exchange, as well as its billionaire co-founder and CEO, Changpeng Zhao, who is widely know as CZ. regulators are targeting more giants in the world of crypto.
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