Vision

Read

<p class="is-style-lead">The SEC alleges that Binance CEO Changpeng Zhao and financial manager Guangying Chen channeled billions from customers through a holding company, igniting new concerns over the crypto exchange&#8217;s business practices.</p>



<p>In a new <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.21.0_2.pdf" data-type="URL" data-id="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.21.0_2.pdf" target="_blank" rel="noopener">court filing</a>, the Securities and Exchange Commission (SEC) claims that Changpeng &#8216;CZ&#8217; Zhao, Binance CEO, and Guangying &#8216;Helina&#8217; Chen, the company&#8217;s financial manager, funneled vast sums of customer money via their holding entity.</p>



<p>\As per the SEC, these funds were transferred to organizations under Zhao&#8217;s control through an intermediate holding firm called Key Vision Development Limited.</p>



<p>Sachin Verma, an SEC-employed accountant, has provided testimonial evidence for these allegations, which the regulator plans to use in its bid for a court-issued temporary restraining order to freeze Binance.US assets.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/sec-seeks-express-court-order-to-freeze-binanceuss-assets/" class="cn-block-related-link__link">
            SEC seeks express court order to freeze BinanceUS’s assets        </a>

    
</div>


<p>The SEC, citing Verma’s forensic examination of Binance and Zhao&#8217;s corporate network&#8217;s bank statements, alleges that $12 billion was directed to Zhao and $162 million to a Singapore-based company controlled by Chen. Most of these funds, the SEC notes, are currently held in &#8220;offshore&#8221; accounts.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="BINANCE US GIVING YOU 24 HOURS! DELISTING 100+ CRYPTO PAIRS!" width="1020" height="574" src="https://www.youtube.com/embed/nfCPuJgPp4k?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Despite Binance&#8217;s public denial of co-mingling company funds with customer deposits, the SEC&#8217;s investigation since 2020 suggests otherwise, accusing Binance of holding its US affiliate&#8217;s assets until December 2022.</p>



<p>The court hearing regarding the restraining order is scheduled for June 13.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/" class="cn-block-related-link__link">
            SEC sues Coinbase just hours after Binance        </a>

    
</div>

SEC accuses Binance CEO of diverting billions in customer funds

crypto.news

Artikel lain yang dipublikasikan pada 8 Jun 2023

Money20/20 decrypts the future of digital payments

Massive crypto influx: 110 million new users enter markets despite regulatory fears

OshiCoin: Set to Thrive Amid Bitcoin's Unpredicted Surge

Cardano Re-Launches Project Catalyst- A Decentralized Innovation Fund

IMPROVEMENT PROCESS - HOW TO USE OPTIMISM

$600 Million BNB Bridge Exploit Unfolds: Perpetrator Faces Liquidation

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!