The SEC notes that billions from investors would have ended up in an account owned by Merit Peak, a company ultimately controlled by Changpen Zhao, CEO and founder of Binance. federal laws by operating underhand schemes, falsifying accounts, and the outright deceit of investors. The SEC’s investigation has demonstrated that these platforms believed they could act above the law, to the point that Binance’s head of compliance admitted to another compliance officer at the firm in December 2018 that they were “operating as a fucking unlicensed broker in the United States, bro.” The internal communication has been included in the SEC’s indictment documentation.Īmong the crimes that this real whale of the cryptocurrency world is alleged to have committed, according to the SEC, are: commingling and diverting customer funds, simulating fictitious market operations, circumventing U.S. On Tuesday, before the SEC also sued Coinbase (the world’s second-largest cryptocurrency trader, and the leading listed platform), the regulator filed 13 charges against Binance, a platform that in 2021 traded $9.58 billion, according to data from the U.S. market regulator, hit the nail on the head when it declared that, in spite of appearances, what the crypto universe lacks is its own law, distinct from international law. This Monday, the Securities Exchange Commission (SEC), the U.S. It has its own jargon, its own humor and a particular way of understanding investment, which has created a whole community around those assets. The world of cryptocurrencies is almost a million miles away from ours.
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