SEC says billions in customer funds were directed to Zhao’s firm Merit Peak via a holding company called Key Vision Development Limited.
A letter from Binance’s counsel says that SEC Chair Gary Gensler should be recused from the case, given his history with the exchange and its founder.
The Financial Conduct Authority said it will treat crypto like a high risk investment, and will consult on new guidance for its rules on promotions.
The companies’ top lawyers testified in a House crypto hearing that they spent months trying to get the SEC to help them comply before being rebuffed.
The Securities and Exchange Commission has accused Bermuda-regulated Bittrex Global of failing to register as a securities exchange in a lawsuit targeting U.S.-based Bittrex Inc.
The mystery is over for how the U.S. Securities and Exchange Commission will come after the digital assets sector’s big platforms, though alleged skeletons in Binance’s closet drew more ire.
Whether to treat crypto as a traditional financial instrument can be a black-and-white issue, but European Union lawmakers appear to favor a spectrum.
The SEC brought 13 charges against Binance, alleging the exchange violated federal securities laws.
Two bills that seem to embrace mining have been sent to the governor, whereas one that would adversely affect miners was stopped at the committee stage.