US sues Binance and founder Zhao over 'web of deception'

WASHINGTON - United States regulators sued Binance and its chief executive Zhao Changpeng on Monday for allegedly operating a web of deception, piling further pressure on the world’s biggest cryptocurrency exchange and sending bitcoin to its lowest in almost three months.

Binance created separate US entities “as part of an elaborate scheme to evade US federal securities laws”, the SEC also alleged, citing a number of practices first reported by Reuters in a series of investigations into the exchange published in 2023 and in 2022. “All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure,” the blog post said.

“I think that there’s a big risk here that this could be crippling to Binance,” said Oanda senior market analyst Ed Moya.The SEC complaint is the latest in a series of legal headaches for Binance, which was also sued by the US Commodity Futures Trading Commission in March for operating what the regulator alleged were an “illegal” exchange and a “sham” compliance programme. Zhao called those an “incomplete recitation of facts”.

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