It’s no secret that the US Securities and Exchange Commission has been investigating Binance, the world’s largest crypto exchange—which has no head office or formal address but processes $12 billion worth of cryptocurrency transactions per day. But the charge sheet filed today by the SEC in the District of Columbia contains a list of 13 alleged violations of securities laws, some with unavoidable echoes of FTX, the crypto exchange that collapsed in spectacular fashion in November, triggering industrywide turmoil.
Among other allegations, the SEC claims that Binance and the company’s CEO and founder, Changpeng Zhao, had the freedom to “divert customer assets as they please” to another Zhao-owned business, Sigma Chain—an entity the SEC accuses of
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