SEC Digs Deeper into Binance’s Control Over User Assets!

The post SEC Digs Deeper into Binance’s Control Over User Assets! appeared first on Coinpedia Fintech News

The Securities and Exchange Commission (SEC) continues to seek evidence of potential fraud involving Binance and its founder, Changpeng Zhao, specifically regarding their control over assets stored on the Binance.US platform. The SEC filed a lawsuit against Binance and Binance.US in June, alleging that they operated unlicensed securities exchanges. The lawsuit centers on the SEC’s concerns about the potential for Binance to misappropriate American crypto assets in the event of FTX-style fraud. While Binance and Zhao recently pleaded guilty to criminal charges related to anti-money laundering controls and compliance with sanctions laws, the Justice Department’s case did not include allegations that Binance misused customer assets.