SEC files lawsuit against Binance for mishandling funds and violating securities laws
The SEC has filed charges against Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao for operating unregistered U.S. financial institutions, misleading investors, inflating trading volumes, and mixing billions of dollars of investor assets. The case was filed in the U.S. District Court for the District of Columbia. Binance has denied the allegations and intends to defend its platform vigorously. The SEC's lawsuit against Binance may have ripple effects on the crypto market as it named a dozen tokens trading on Binance that it believes are unregistered securities.