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SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

bloomberg.com

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Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#5

Post by anonu »

And BTCUSD down sharply on the news... The crypto winter will be a long one.

Link is broken. Here's the SEC press release: https://www.sec.gov/news/press-release/2023-101

And the full 136 page complaint: https://www.sec.gov/files/litigation/complaints/2023/comp-pr...

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#7

Post by boring_twenties »

anonu wrote: post #5

And BTCUSD down sharply on the news... The crypto winter will be a long one. Link is broken. Here's the SEC press release: https://www.sec.gov/news/press-release/2023-101 And the full 136 page complaint: https://www.sec.gov/files/litigation/complaints/2023/comp-pr...

It's down ~2.5% to a level last seen ... a week ago.

That is not "sharply" by any stretch of the imagination.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#8

Post by JumpCrisscross »

tibbydudeza wrote: post #6

I presume he is not based or living in the US ???

> presume he is not based or living in the US

Zhao “unlawfully solicited U.S. investors to buy, sell, and trade crypto asset securities through unregistered trading platforms” while “raising approximately $200 million from private investors” and “direct[ing] Binance to assist certain high-value U.S. customers in circumventing…controls and to do so surreptitiously” [1].

[1] https://www.sec.gov/files/litigation/complaints/2023/comp-pr...

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#9

Post by WJW »

tibbydudeza wrote: post #6

I presume he is not based or living in the US ???

That does not matter for being sued, though perhaps it does for being punished if he gets convicted. A quick google shows he lives in Dubai though. The UAE do not have a formal extradition treaty with the US, but given their close relations I would not be super comfortable about it if I were CZ.
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