LONDON : Merit Peak, an offshore trading company controlled by Binance CEO Changpeng Zhao, received around $11 billion of client assets through a Seychelles-based firm set up to take customer deposits, a U.S. Securities and Exchange Commission filing shows.The SEC filing, which on Tuesday asked a U.S. cou
LONDON : Merit Peak, an offshore trading company controlled by Binance CEO Changpeng Zhao, received around $11 billion of client assets through a Seychelles-based firm set up to take customer deposits, a U.S. Securities and Exchange Commission filing shows.
In response to the SEC's lawsuit, Binance said it would defend its platform vigorously."All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure," it said in a statement on Monday. Binance did not respond to Reuters' emailed questions on the filing, and a spokesperson did not respond to a voice message.
The SEC said in its lawsuit that Merit Peak, which described itself as trading with the"self-made wealth" of Zhao, operated on both the Binance.com and Binance.US platforms. Some Zhao-owned accounts have sent monies"offshore" over the last few months, the SEC wrote in the filing.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin steadies above $25,000 as Binance SEC lawsuit rattles investorsSINGAPORE : Bitcoin stabilised above $25,000 on Tuesday after a steep dive overnight, as investors grappled with news that the U.S. securities regulator sued crypto exchange Binance, dealing a severe blow to the industry.Bitcoin, the world's largest cryptocurrency, was last at $25,797, up 0.2 per cent in
Read more »
Crypto shares tumble after US SEC charges Binance with securities law violationsCryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. Securities and Exchange Commission sued crypto exchange Binance and its founder, Changpeng Zhao, alleging violations of securities laws.The SEC's complaint against the world's biggest cryptocurrency exc
Read more »
US SEC sues Coinbase, one day after suing BinanceNEW YORK :The U.S. Securities and Exchange Commission on Tuesday sued Coinbase Inc, the largest U.S. crypto asset trading platform, accusing it of illegally operating without having first registered with the regulator.In a complaint filed in Manhattan federal court, the SEC said Coinbase has since at least 20
Read more »
US SEC sues Coinbase, one day after suing BinanceNEW YORK: The US Securities and Exchange Commission on Tuesday (Jun 6) sued Coinbase, accusing the largest US cryptocurrency exchange of operating illegally without having first registered with the regulator. Tuesday's lawsuit came one day
Read more »
Zhao-controlled Binance trading firms at heart of SEC lawsuitLONDON : Two offshore trading firms controlled by Binance founder and CEO Changpeng Zhao lie at the centre of the Securities and Exchange Commission (SEC) lawsuit launched against the world's largest crypto exchange, which highlights concerns over client funds.Swiss-registered Sigma Chain received custome
Read more »
SEC files motion for restraining order to freeze Binance US assetsWASHINGTON : The U.S. Securities and Exchange Commission on Tuesday requested a federal court put in place a temporary restraining order to freeze the U.S. assets of cryptocurrency exchange Binance.The motion, in a filing to the U.S. District Court for the District of Columbia, comes a day after U.S. regu
Read more »