SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

Post by rkagerer » Mon, Jun 05, 2023, 3:49 PM UTC

JumpCrisscross wrote: post #8

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/complai…

Post by JumpCrisscross » Mon, Jun 05, 2023, 3:51 PM UTC

rkagerer wrote: post #12

JumpCrisscross wrote: post #8

Earlier quoted context omitted.

> 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/complai…

If he's outside the US and the country he is in had an extradition treaty with the US, but has no comparable law in the books, wouldn't that impede extradition?

Post by zarzavat » Mon, Jun 05, 2023, 3:58 PM UTC

colesantiago wrote: post #10

This is brilliant. I really want crypto to fade away out of existence and into irrelevance, FedNow is coming soon and we don't need crypto or shady crypto exchanges like Binance. Glad to see the US taking action.

Post by lvass » Mon, Jun 05, 2023, 4:01 PM UTC

monero-xmr wrote: post #13

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...

This is good for bitcoin. CZ, Justin Sun, and all the scammers need to be in prison.

Post by JumpCrisscross » Mon, Jun 05, 2023, 4:03 PM UTC

fallingknife wrote: post #15

I can't see this enforcement spree by the SEC as anything other than malicious when Gensler himself said that 3/4ths of the market is not securities in 2018. https://twitter.com/ZK_shark/status/1650689125580668931 Yes this was before he was head of the SEC, but the fact that this was going on right out in the open for 10 years and the SEC took exactly no action tells me that the entire agency shared this opinion too.…