U.S. Securities Regulator Sues Binance and CEO for Breaking Securities Rules

(Bloomberg) — The U.S. Securities and Exchange Commission accused Binance Holdings Ltd. and its Chief Executive Officer Changpeng Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules.

In a 136-page complaint filed Monday in U.S. federal court in Washington, the SEC laid out a range of alleged violations against the world’s biggest crypto exchange and its leader. For years, they flouted basic know-your-customer rules by letting Americans improperly open accounts and trade, the watchdog said. It’s just the latest legal headache for Zhao and Binance.