Binance's Deception and SEC's Response Shake Crypto World

The Department of Justice (DOJ) could file criminal charges against Binance and its founder, Changpeng Zhao, any day, following similar charges from the SEC and CFTC. Legal and money laundering experts say that Zhao's exposure to dozens of companies linked to the exchange could open him up to liability as the DOJ considers criminal charges. The SEC complaint alleges that billions of U.S. dollars in customer funds were commingled in an account held by Zhao-owned Merit Peak, and that Zhao used his personal name and accounts to circumvent laws and regulations. Binance has denied any impropriety with the flows of money and mishandling customer funds.