 | The SEC yesterday filed a lawsuit against Binance. The suit contained many different things from misleading investors, failure to restrict US investors from accessing Binance.com, and mishandling of customer funds among other things. However, the majority of it surrounded unregistered securities as one would expect for the SEC. Specifically for unregistered securities it involved exchange, brokering, dealing and clearing securities, some of which belonged(issued by) to Binance and CZ being a control person for them. And as this is a major part of the suit it is especially damning that the Binance COO is quoted as saying "We are operating as a fking unlicensed securities exchange in the USA bro". Granted, this was back in 2018. However, it doesn't matter when it was said because between then and today, there was no attempt or action by Binance to register or operate under securities guidelines and laws even though they seemed to be aware they were in violation. Worse yet, this comes from the Chief Compliance Officer literally the guy who is in charge of this stuff. Basically, his word would be law only possibly overridden by the CEO. The courts aren't going to look kindly on this. Talk about a terrible start. There's also: And actually, this case makes Binance look way worse because of quotes from the CTFC case. Definitely not a good look. [link] [comments] |
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