SEC Alleges Investor Funds at Risk in Binance.US Litigation

At the time of publication, Binance.US stated that user funds on the platform "remain safe" despite SEC efforts to freeze assets.

SEC Alleges Investor Funds at Risk in Binance.US Litigation
SEC Alleges Investor Funds at Risk in Binance.US Litigation

The Securities and Exchange Commission (SEC) of the United States has filed a new document in its litigation against Binance.US, alleging that investor funds are at risk.

In the filing submitted on June 5, the regulators allege that the defendants, including Binance CEO Changpeng “CZ” Zhao, BAM Management, BAM Trading, and Binance, “have amassed billions of dollars for themselves while placing investors’ assets at significant risk.”

Moreover, it asserts that the defendants made “deliberate efforts” to circumvent U.S. regulatory oversight while providing securities-related services to U.S. clients.

“[This] puts the safety of billions of dollars of U.S. investor capital at risk and at Binance’s and Zhao’s mercy.”

According to a report from CNBC, the amount cited by the SEC is as high as $2.2 billion.

The filing provides examples of customer funds totaling billions of dollars from Binance and Binance.US being “commingled” in a bank account managed by Merit Peak Limited, a “Zhao-controlled entity,” according to the complaint.

According to the report, funds were subsequently transmitted to a third party “apparently in connection” with the purchase and sale of crypto assets.

According to regulators, Zhao has and continues to have “free reign” over billions of dollars of deposited assets on Binance.US platform “with no oversight or controls to ensure that the assets are properly secured.”

At the time of publication, Binance.US stated that user funds on the platform “remain safe” despite SEC efforts to freeze assets.

Due to squandering user funds and operating with unregistered securities, U.S. regulators filed a motion for a restraining order against Binance on June 6. The motion included the suspension of assets as one of the requested actions.

At least 67 distinct cryptocurrencies were designated as securities by the regulator in its lawsuits against Binance and Coinbase. This impacts tokens worth over $100 billion on the market.


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