The company that this had created challenges for the unnamed banks it worked with.īinance.US says it is an entirely separate exchange that is run separately from its parent company.

In its statement, Binance.US accused the SEC of “extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry”.

The SEC has escalated its crackdown on the crypto industry in recent months after the collapse last year of the Bahamas-based FTX, whose founder, Sam Bankman-Fried, has now been charged with securities fraud, money laundering and other offences.Įarlier on Thursday, US regulators said they supported a freeze on Binance’s assets, according to an SEC court filing. The SEC filed a lawsuit against Coinbase, the largest US cryptocurrency platform, a day later. On Monday, the US Securities and Exchange Commission (SEC), a financial watchdog, accused Binance and Zhao of operating a “web of deception”, charging him and his exchange with 13 offences including violations of the US Securities Act and acting as an unregistered exchange. Securities trading is tightly regulated across the biggest financial markets. Regulators have for several years been examining the features of some digital assets to decide whether they are in fact new versions of securities such as stocks or bonds. Forbes estimated his net worth at $10.5bn (£8.4bn) this week, although much of that wealth is derived from his ownership of Binance. Binance and other exchanges provided a key entry point for many people into cryptocurrencies, allowing people to buy assets such as bitcoin using “fiat” currencies such as the US dollar.īinance’s success made Zhao, also known as CZ, one of the world’s richest people on paper, and he has been a key advocate for the crypto industry.

The company stressed that customer funds were “safe, secure and available”.īinance.US is an offshoot of, a cryptocurrency exchange that had grown rapidly after starting operations in 2017 into a company making billions of dollars of revenues, mostly from transaction fees as customers bought and sold cryptocurrencies. Binance.US said it encouraged its customers to “withdraw their USD” by 13 June but warned that because of elevated volumes, withdrawal might take longer than usual to process.

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