SEC Accuses Binance of Mishandling Funds and Lying to Regulators

Binance, the world’s largest cryptocurrency exchange, has been accused by the Securities and Exchange Commission (SEC) of lying to regulators and investors about its operations and mishandling of customer funds. The SEC alleges that Binance mixed billions of dollars in customer funds and secretly sent them to a separate company controlled by Binance’s founder, Changpeng Zhao. Binance is already under investigation by the Justice Department for money-laundering violations. In response to these accusations, Binance has hired a slew of new compliance officials, including a former federal prosecutor who now heads its compliance operation.

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