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.The SEC said in the filing on Tuesday it could not determine why an entity “purportedly trading” on Binance.US with Zhao’s personal funds “acted as a ‘pass through’ account for billions of dollars of Binance Platforms customers’ funds.
Through 2022, a U.S. account for a company called Swipewallet, of which Zhao is the beneficial owner, sent $1.5 billion in foreign exchange wires offshore, the SEC said in the filing without elaborating. The SEC said in such processes, dollars are converted to a foreign currency before transmitting to a beneficiary.
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