Binance CEO Changpeng Zhao Questions SEC Investigation Into BNB

The founder of the world's largest crypto exchange stopped short of denying SEC interest in Binance’s exchange token.

AccessTimeIconJun 12, 2022 at 5:29 p.m. UTC
Updated Jun 14, 2022 at 9:29 p.m. UTC

AUSTIN, Texas — Binance founder and CEO Changpeng Zhao said the U.S. Securities and Exchange Commission (SEC) has been “asking questions” about the BNB exchange token but the exchange hasn’t yet been subpoenaed.

  • Earlier this month, Bloomberg reported the SEC is investigating if the BNB token constitutes an unregistered security.
  • Zhao told the audience at CoinDesk's Consensus 2022 that the SEC regularly asks questions about Binance and its products, and the exchange is in regular contact with authorities.
  • On stage, he did not say that Binance has been subpoenaed but is merely in contact with SEC.
  • The SEC has declined to comment about the presence of a probe, as is its policy.
  • Separately, Binance is under investigation by the U.S. Justice Department, the Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service.
  • Zhao also said that while he has a bank account, he doesn’t regularly use it.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.