Latest SEC filing details flows between Binance, Silvergate, Signature, Paxos and CZ-controlled entities

On June 5, the SEC filed a 13-charge lawsuit against Binance and Zhao accusing them of operating an illegal platform in the U.S. and misusing customer funds. The following day, the United States District of Columbia court granted the SEC’s request for an emergency restraining order to freeze the assets of Binance.US.

The filing maps the complex flows between various Signature and Silvergate accounts, some ostensibly belonging to Binance and others directly controlled by Zhao, and a web of other offshore entities such as Merit Peak and Key Vision allegedly controlled by Zhao and his associates. “We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services ,” he wrote. “Paxos is regulated by NYDFS. BUSD is a stablecoin wholly owned and managed by Paxos.” He also added that “The lawsuit is between the US SEC & Paxos.”

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