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SEC charges Binance and its Canadian founder

2023-06-05 20:29 ET - Street Wire

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by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil charges against Binance Holdings Ltd., operator of a cryptocurrency exchange that has handled as much as $9.58-trillion in trading, and its Canadian founder, Changpeng Zhao. (All figures are in U.S. dollars.) The SEC claims that the firm operated as an unregistered exchange in the U.S., taking steps to circumvent the possibility of U.S. regulatory action. Mr. Zhao set up the operation in a way that provided no oversight or controls over billions of dollars in assets, according to the SEC.

The allegations are contained in a civil complaint that the SEC filed on Monday, June 5, in the District of Columbia. The complaint identifies Binance as a company incorporated in the Cayman Islands. It markets itself as being available to customers in 100 countries, carrying 350 crypto assets.

The SEC identifies Mr. Zhao as a Canadian who is also known as "CZ." He founded Binance in 2017 and has since served as its owner and chief executive officer. According to the complaint, he personally received $62.5-million from one of Binance's bank accounts in the four months leading up to January, 2023. He has never been associated with any SEC-registered entity.

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Changpeng Zhao, commonly known as CZ, is a Chinese-born Canadian businessman who currently lives in Dubai, United Arab Emirates. " Zhao was born in China's Jiangsu province. In the late 1980s, when he was 12 years old, he immigrated with his family to Canada, settling down in Vancouver, British Columbia. Zhao has said that he is "a Canadian citizen, period. Born in China in 1977, Zhao acquired a Canadian visa in 1989 and left China that same year after the events of the Tiananmen Square. In 2022, Zhao said that he had acquired Canadian citizenship some 30 years before, around 1992. In 2005, he moved back to China, eventually owning an apartment in Shanghai. In 2015, he sold his Shanghai apartment and used the funds to purchase Bitcoin. Zhao stayed in China until the Chinese government banned crypto exchanges in late 2017. He is currently based in Dubai, United Arab Emirate. Wikipedia

Posted by halcrow at 2023-06-06 13:32

and what entities, banks, actually agreed with the bitcoin scammers bitcoin to us exchange rate and allowed conversion from bitcoin to actual cash? those are the criminal institutions that violated us currency laws, lets make a wild guess, SVB bank and Credit Suisse? bitcoin the straw turned into cash, fiat cash by the way, all so fast to get their hands on fiat cash, hahahaha

Posted by oh at 2023-06-07 06:39

China is the ultimate scam machine with crypto. the crypto's setup in china, china boiler rooms with chinese government paid touts following a script, posing on dating apps, on social media, all to steal fiat cash, nuke china, nuke it, nuke it

Posted by and at 2023-06-07 06:42

listed pot deals were the biggest scam of the century, the whole pot industry is a scam, take a drive on downtown eastside, along hastings, those are the 99% type of clients of pot and all drugs. Stealing to buy it, so the pot grown illegally by stealing electricity to grow, is produced for nothing and sold for anything, but it does cost real money- theft of electricity. So pot went public, and all the deals became scams, they couldn't grow pot, bought illegal pot to mix in with the shrubs grown, the companies made up pot sale prices that no one could afford, total scams, and all run by professors in universities, ex government officials, the list is long and deep. no arrests yet though.

Posted by really at 2023-06-07 08:43