The US Securities and Exchange Commission (SEC) has filed charges against Binance.com founder Changpeng Zhao. Binance is the largest crypto platform in the world.
Changpeng Zhao, the founder of Binance.com, the largest cryptocurrency trading platform in the world, has been accused of breaking many securities laws. In a statement released on Monday, the US Securities and Exchange Commission (SEC) claimed Zhao and Binance businesses had engaged in a complex web of dishonesty, conflicts of interest, lack of transparency, and purposeful breaking of the law.
The US regulator said, among other things, that Zhao and Binance had publicly stated that US consumers were prohibited from transacting on Binance.com, but had really abused their own security measures to covertly permit high-value US clients to keep using the site.
SEC Chair Gary Gensler stated, “We allege through thirteen charges that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of law.”
“As alleged, Zhao and Binance misled investors about their risk controls and distorted trading volumes while actively concealing who was running the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and cryptocurrency assets were custodied,” reads the complaint.
In order to maintain valuable US consumers on their platforms, Gensler continued, they tried to skirt US securities rules by introducing fake controls that they ignored in secret.
 has filed charges against Binance.com founder Changpeng Zhao. Binance is the...){kind=link}