It’s Now Official The SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao! The Most Important Info Summed Up And CZ’s Reaction.

dfmines Cryptocurrency News June 5, 2023 | 0

As many media already said, CZ and Binance is getting sued. In this post I try sum the most important info!

HERE IS THE OFFICIAL ANNOUNCEMENT OF THE SEC: https://www.sec.gov/news/press-release/2023-101

IF YOU CLICK ON THE ANNOUNCEMENT THE OFFICIAL PDF DOCUMENT OF THE COMPLAINT IS AT THE RIGHT OR BELOW. (DESKTOP/MOBILE)

Most important info:

"The Complaint also charges violations of critical registration-related provisions of the federal securities laws:

Binance and BAM Trading with operating unregistered national securities exchanges, broker-dealers, and clearing agencies;
Binance and BAM Trading with the unregistered offer and sale of Binance’s own crypto assets, including a so-called exchange token, BNB, a so-called stablecoin, Binance USD (BUSD), certain crypto-lending products, and a staking-as-a-service program; and
Zhao as a control person for Binance’s and BAM Trading’s operation of unregistered national securities exchanges, broker-dealers, and clearing agencies."

ALLEGATIONS IN GENERAL:

UNREGISTERED EXCHANGE, BROKER, AND CLEARING AGENCY
UNREGISTERED OFFER AND SALE OF CRYPTO ASSETS
FAILURE TO RESTRICT U.S. INVESTORS FROM ACCESSING BINANCE.COM
MISLEADING INVESTORS
BNB AND BUSD ARE SECURITIES ALONG THESE TOKENS/COINS: SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI
ESCAPE THE REGISTRATION REQUIREMENTS OF THE FEDERAL SECURITY LAWS
EVADING US REGULATORY

CZ's reactions:

What do you guys think?

submitted by /u/ChemicalGreek
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