Despite Binance Holdings Ltd.’s recent $4.3 billion settlement with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC) is persisting with its case against the company and its founder, Changpeng Zhao.

SEC says Binance, DOJ settlement supports case

The SEC filed a lawsuit in June, claiming that Binance and Zhao were involved in deception, conflicts of interest, lack of disclosure, and evading the law. The SEC contends that admissions in the DOJ settlement support its case, urging the federal court in Washington to consider them.

While Binance and Zhao seek dismissal, the SEC is determined to move its case forward.

In the U.S. District Court for the District of Columbia, the SEC’s complaint alleges that Binance.com and Binance.US operated as unregistered exchanges, brokers, and clearing agencies, exposing investors to risks and conflicts of interest.

SEC Chair Gary Gensler also alleges that Binance misled investors about risk controls and manipulated trading volumes.

On Nov. 8, the SEC contended that despite not being part of the agreement, the federal court in Washington overseeing its case should take into account admissions made by Binance and Zhao, who has since resigned as CEO.

The firm and Zhao have both requested the court to dismiss the SEC’s lawsuit.

According to Bloomberg, the extensive settlement between Binance and the U.S. government concluded lengthy investigations by the Justice Department, various branches of the Treasury Department, and the Commodity Futures Trading Commission. Notably, the agreement did not involve the SEC. 

The SEC-Binance showdown

The SEC alleges that Binance mishandled customer funds, provided misleading information to investors and regulators, and violated securities rules. 

In a 60-page petition, Binance

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Author: Ogwu Osaemezu Emmanuel

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