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Inside the SEC's Allegations Against Binance and CZ.
- Source :
- Bloomberg.com; 6/5/2023, pN.PAG-N.PAG, 1p
- Publication Year :
- 2023
-
Abstract
- From at least September 2019 until June 2022, a Swiss-incorporated trading firm owned by Binance founder Changpeng "CZ" Zhao called Sigma Chain allegedly engaged in "wash trading", making it seem like many more tokens were changing hands on Binance.US than actually were. The SEC also accuses Binance of illegally allowing high-profile US companies to trade on Binance.com and of commingling customer assets between its US and non-US entities, among other charges. A plan devised by an external consultant in 2018 suggested that Binance establish an entity that could become the scapegoat for all forthcoming regulatory enforcement actions that would undoubtedly follow in the US, which ultimately ended in the creation of Binance.US. [Extracted from the article]
Details
- Language :
- English
- Database :
- Complementary Index
- Journal :
- Bloomberg.com
- Publication Type :
- Periodical
- Accession number :
- 164113674