The industry has long been scrutinized for a lack of regulatory oversight. The commission is cracking down on the world’s biggest crypto enterprises, filing a scathing complaint against Coinbase in early June as well.

Grewal, Director of the SEC’s Division of Enforcement, adding the agreement ensures US customers can still withdraw their assets. “Given that Changpeng Zhao and Binance have control of the platforms’ customers’ assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets,” said Gurbir S.

US regulator accuses Binance of running an illegal exchange The SEC on Saturday said it secured the emergency relief to protect US customer assets. The order also bans the defendants from spending the corporate assets on anything than “in the ordinary course of business,” and they must give the regulatory agency oversight over the expenses, SEC said Saturday. The assets and funds explicitly cannot be transferred to them, the agreement ordered, and will stay in domestic control. “Through 13 charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” said SEC Chair Gary Gensler in a statement about the lawsuit in June.īinance Holdings officials, including Zhao, also will not be able to have control over these assets, the agreement said. US crypto investors are left with few options REUTERS/Dado Ruvic/Illustration/File Photo Dado Ruvic/Reuters FILE PHOTO: Representation of cryptocurrency Binance Coin, the native token of the cryptocurrency exchange, is seen in this illustration taken November 29, 2021.

Binance usa ews