The Securities and Exchange Commission (SEC) filed 13 charges Monday against the world’s largest cryptocurrency exchange, Binance, and its co-founder Changpeng Zhao for allegedly running an illegal operation, according to court documents.
Binance allegedly operated an illegal cryptocurrency exchange, and Zhao allegedly commingled billions of dollars of customer funds and distributed them to another entity he controlled, according to the SEC court filing. The defendants showed a “blatant disregard of the federal securities laws and the investor and market protections these laws provide,” the SEC stated.
“In so doing, Defendants have enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk,” the filing continues.
Zhao and Binance allegedly moved investors’ crypto and fiat assets, including billions of U.S. dollars of customer funds to Merit Peak Limited, a company controlled by Zhao incorporated in the British Virgin Islands, according to the filing.
“We are operating as a fking unlicensed securities exchange in the USA bro,” Binance’s then-chief compliance officer Samuel Lim acknowledged to another compliance official in December 2018, according to the SEC filing.
The SEC suit follows a Commodity Futures Trading Commission (CFTC) lawsuit in March that Binance and Zhao did not follow regulations, according to a CFTC filing.
Meanwhile, the company allegedly hid its efforts to help certain high-value U.S. customers keep trading on the platform, according to the filing. “[O]n the surface we cannot be seen to have US users[,] but in reality, we should get them through other creative means,” Lim stated.
Zhao allegedly said his “goal” was “to reduce the losses to ourselves, and at the same time to make the U.S. regulatory authorities not trouble us,” according to the filing.
“We believe the lawsuit is baseless and we intend to defend ourselves vigorously,” Binance.US said in a statement on Twitter, adding, “today’s filing is unjustified by the facts, by the law, or by the Commission’s own precedent. The relief sought by the Commission would harm the very investors the SEC is charged with protecting.”
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].
Controlling Protein Is One of the Globalists’ Primary Goals
Between the globalists, corporate interests, and our own government, the food supply is being targeted from multiple angles. It isn’t just silly regulations and misguided subsidies driving natural foods away. Bird flu, sabotaged food processing plants, mysterious deaths of entire cattle herds, arson attacks, and an incessant push to make climate change the primary consideration for all things are combining for a perfect storm to exacerbate the ongoing food crisis.
The primary target is protein. Specifically, they’re going after beef as the environmental boogeyman. They want us eating vegetable-based proteins, lab-grown meat, or even bugs instead of anything that walked the pastures of America. This is why we launched a long-term storage prepper beef company that provides high-quality food that’s shelf-stable for up to 25-years.
At Prepper All-Naturals, we believe Americans should be eating real food today and into the future regardless of what the powers-that-be demand of us. We will never use lab-grown beef. We will never allow our cattle to be injected with mRNA vaccines. We will never bow to the draconian diktats of the climate change cult.
Visit Prepper All-Naturals and use promo code “veterans25” to get 25% off plus free shipping on Ribeye, NY Strip, Tenderloin, and other high-quality cuts of beef. It’s cooked sous vide, then freeze dried and packaged with no other ingredients, just beef. Stock up for the long haul today.
