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
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.”
EXTRA ALLEGATIONS:
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
CZ’s reactions:
https://twitter.com/cz_binance/status/1665742100845961217
What do you guys think?
submitted by /u/ChemicalGreek
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