Assets were also allegedly diverted to a separate entity owned and controlled by Zhao, Sigma Chain, which the SEC said engaged in “manipulative trading” that inflated the Binance US platform’s trading volume.
According to the SEC complaint, Binance’s unnamed chief compliance officer in 2018 told a colleague: “We are operating as a fking unlicensed securities exchange in the USA bro.” “Battling two powerful regulators at the same time will take precious time and resources, and Binance will no doubt feel the impact,” said Charley Cooper, a former CFTC chief of staff.
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