LONDON : Two offshore trading firms controlled by Binance founder and CEO Changpeng Zhao lie at the centre of the Securities and Exchange Commission lawsuit launched against the world's largest crypto exchange, which highlights concerns over client funds.
Binance said it would"vigorously defend" itself against the SEC charges and that all user assets were"safe and secure". The company did not respond to emailed questions about the two trading firms for this article. A Binance spokesperson could not be reached by phone. John Reed Stark, a former chief of the SEC's Office of Internet Enforcement, said the SEC's complaint highlighted the risks that customers were running by holding their funds on the exchange due to the absence of"any regulatory oversight of any of the parties involved".
A Reuters report in May identified this bank account as being held at now-defunct U.S. lender Silvergate Bank.
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