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Home Markets Cryptos

Why Binance is under investigation by the U.S. SEC

Ajibola Akamo by Ajibola Akamo
June 7, 2022
in Cryptos
Binance CEO, Changpeng Zhao

Binance CEO, Changpeng Zhao

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The United States Securities and Exchange Commission (SEC) is investigating whether Binance Holdings broke securities rules when it launched its BNB token in an initial coin offering (ICO) five years ago.

Binance is one of the world’s largest cryptocurrency exchanges in terms of volume and value of transaction, and the native token of its blockchain, the BNB Chain, BNB, is the fifth-largest cryptocurrency in the world with a market capitalization of $45.4 billion as of the time of this writing. The BNB ICO took place in July 2017 on several platforms during a period in the cryptocurrency space popularly known as ICO boom period and the Binance exchange opened just days afterward.

According to Bloomberg, citing unnamed people familiar with the matter, at least one U.S. resident claimed to have taken part in the ICO, which could be a crucial fact for an SEC case, if the agency chose to pursue one.

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What you should know

  • The SEC has claimed most cryptocurrencies are securities and brought cases against a number of ICO projects.
  • Binance founder and CEO, Changpeng Zhao, popularly known as ‘CZ’, explained in a 2020 blog post that the wording of the BNB white paper was changed in January 2019 because “the potential for being misunderstood as a security is higher in certain regions.” Binance’s American arm, Binance.US, was created later that year.
  • Also on May 6, Reuters published a lengthy special report alleging that Binance processed at least $2.35 billion of transactions from hacks, investment frauds and narcotics sales between 2017 and 2021.
  • Reuters also alleged that the exchange had weak “Know Your Customer” (KYC) and Anti-Money Laundering (AML) protections for those years.
  • Among other cases, Reuters also mentions the hacking of Eterbase, with some of the proceeds being laundered through Binance by North Korean hacker group Lazarus, and Binance’s association with Russian-language drug mart Hydra.
  • A Binance spokesperson disputed Reuters’ findings, and the exchange told Forbes in a statement that the report is a “woefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.”

Binance is already the object of several U.S. federal investigations, including another SEC probe. The U.S. Commodity Futures Trading Commission began an investigation of the exchange’s trading practices last year.

Binance Markets, its United Kingdom branch, was ordered by the Financial Conduct Authority to cease activities in that county after a review of its operations last year. Additionally, Binance was ordered to cease operations in Ontario last June, although it remained active in the Canadian province until March of this year.


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Tags: BinanceSECUnited States Securities and Exchange Commission
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

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Comments 1

  1. Robert says:
    July 1, 2022 at 3:22 am

    With the recent crash in crypto currency a lot of investors has witness more loss on their portfolio, I experienced similar loss last year November where my portfolio decreased by more than 85% I felt so bad, I taught I had lost it all and a lot of negative taught was running on my head. I asked myself What will I do? All my Funds is almost gone and crypto space started looking like a Ponzi scheme to me cus I lost all hope. After few weeks I came across defiexpert @outlook.com many had reviewed how he helped them boost there portfolio with the aid of his Decentralize Finance (DeFi) knowledge. I contact his email, asked how he could helped me make profit on Defi and I requested his service, all he did was to connect my Defi exchanger (DEX) wallet I created to his liquidity mining pool and the outcome was awesome. I made a profit of above 200% in less than 5 days, this is totally incredible! DeFi is now the new phase of making quick profit on this crypto space

    Reply

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