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<p><strong>Innocent Inception, or So It Seemed</strong></p><p>The Wall Street Journal <a href="https://www.wsj.com/articles/some-binance-us-crypto-trading-was-a-mirage-the-sec-alleges-55a6e321" rel="noopener noreferrer nofollow">stumbled upon</a> a curious revelation. During Binance.US’s grand opening in 2019, a staggering $70,000 worth of Bitcoin traded hands within the first hour. Quite the entrance, you may say. However, behind closed doors, the wily Binance CEO, <a href="https://twitter.com/cz_binance" rel="noopener noreferrer nofollow">Changpeng Zhao</a>, dropped a sly remark: “That was ourself, I think.” A stroke of self-engagement, was it?</p><p><img src="https://media0.giphy.com/media/7psNSvxaFaSY0IxVie/giphy.gif?cid&#61;ecf05e47rxrnk3luf6dwn61awijuffto8d5chatztn01boaw&amp;ep&#61;v1_gifs_related&amp;rid&#61;giphy.gif&amp;ct&#61;g" /></p><h2 id="header-0"><strong>The SEC Steps In</strong></h2><p>Ah, the U.S. Securities and Exchange Commission (SEC) couldn’t resist to join. With accusations swirling around wash trading, the SEC pointed fingers at Binance.US. It seems they suspected some intriguing handshakes happening between Zhao’s ventures and executive accounts, with 70% of a cryptocurrency’s trading volume allegedly under their spell. Magical, isn’t it?</p><p>Read more: <a href="https://hodl.fm/digest-9/" rel="noopener noreferrer nofollow">Digital World Drama: Binance Sued by SEC, NFTs Get a Luxury Boost, While Apple’s Vision Pro Bypasses the Metaverse</a></p><p>Now, brace yourselves for the comical twist! The SEC claims that Binance.US was no good at watching over its own mischief until February 2022. Executives exchanged memos with reassuring words like “no action will be taken” on self-trading unless pesky regulators get in the way. Who needs surveillance when you have a magic cloak of invisibility?</p><h2 id="header-1"><strong>When Stats Speak Louder</strong></h2><p>The Wall Street Journal, armed with its mystical 2019 study, discovered a grand revelation about Binance’s global arm. They estimated a whopping 46% of trading volume to be tainted with wash trading enchantments. Sadly, the study didn’t cast its eye on Binance’s U.S. arm, as it was still cloaked in mystery.</p><h2 id="header-2"><strong>Denials and Deflections – The Witch’s Brew</strong></h2><p>Binance was quick to conjure its counterarguments. Denying any involvement in such sorcery, they claimed the SEC’s allegations were nothing but ill-conceived illusions. A spokesperson confidently declared that the “self-engaging” trades were but “entirely legitimate interactions.” Ah, the wonders of wordplay!</p><p>Read more: <a href="https://hodl.fm/digest-4/" rel="noopener noreferrer nofollow">The Sec vs Ethereum rodeo; security edition</a></p><h2 id="header-3"><strong>The Unseen Hand Behind the Curtain</strong></h2><p><img src="https://media3.giphy.com/media/LSafZCIf3MXGo/giphy.gif?cid&#61;ecf05e47hwc42jeoeqpniz3prqg3tqi91gl1vodpozsnrmwf&amp;ep&#61;v1_gifs_related&amp;rid&#61;giphy.gif&amp;ct&#61;g" /></p><p>Amidst all the uproar, the elusive Binance CEO, Changpeng Zhao, chose to remain hidden in the shadows. Oh, but beware! He slyly reposted an article about FUD (Fear, Uncertainty, and Doubt) when the Wall Street Journal’s piece hit the streets. A master of mystery indeed!</p><h2 id="header-4"><strong>Playing the Victim Card</strong></h2><p>Binance lamented the mainstream news sources’ unkind tales of executive departures, intercompany transactions, and suspicious ties to faraway lands. They insisted it was merely the burden of being the biggest crypto exchange in town. The envy of others, perhaps?</p><p>So, dear readers, as the curtain falls on this act of crypto capers, the question remains: are these enchanted “self-engaging” trades a clever ruse or a magical misunderstanding? Only time will tell in this whimsical world of Binance.US!</p><p><strong>Disclaimer</strong>: <em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL.FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL.FM strongly recommends contacting a qualified industry professional.</em></p>

Unveiling the Allegations: The SEC’s Case Against Binance.US and Wash Trading Explained

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