We intend to defend our platform vigorously,” Binance said. “While we take the SEC’s allegations seriously, they should not be the subject of an SEC enforcement action, let alone on an emergency basis. authorities have asserted jurisdiction – only compounds these problems.” “Unilaterally labeling certain tokens and services as securities – even ones over which other U.S. “Today’s action is another in a line of examples where, as with other crypto projects facing similar suits, the Commission has determined to regulate with the blunt weapons of enforcement and litigation rather than the thoughtful, nuanced approach demanded by this dynamic and complex technology,” Binance said in a response to the SEC filing. The tokens identified include BNB Smart Chain (BNB), Binance USD stablecoin (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos Hub (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS,) and Coti (COTI). The filing also says that Binance concealed the fact that it commingled billions of dollars in customer assets that were sent to Merit Peak, another third-party entity owned by Zhao.Īs part of its lawsuit, the SEC has labeled 12 tokens as securities, but said that list is not exhaustive. The SEC has alleged that customer funds were illegally diverted to Sigma Chain, a trading entity controlled by Zhao, and used to engage in fraudulent trading that made Binance’s volume appear larger than it actually was. dollars while placing investors’ assets at significant risk.” “In so doing, Defendants have enriched themselves by billions of U.S. “This case arises from Defendants’ blatant disregard of the federal securities laws and the investor and market protections these laws provide,” the lawsuit said. “As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied.”Īccording to the court filing by the SEC, the regulator has charged Binance and its CEO with operating an illegal platform in the U.S.

“Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” said SEC Chair Gary Gensler. crackdown on crypto intensified on Monday as the Securities and Exchange Commission (SEC) filed a lawsuit against Binance, the world's largest cryptocurrency exchange, and its CEO, Changpeng Zhao (CZ).

Receive a comprehensive recap of the day's top stories directly to your inbox. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War.Get all the essential market news and expert opinions in one place with our daily newsletter. Since 1971, all links to gold have been repealed. From 1934, its equivalence to gold was revised to $35 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. dollar was originally defined under a bimetallic standard of 371.25 grains fine silver or, from 1837, 23.22 grains fine gold, or $20.67 per troy ounce. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. The Coinage Act of 1792 introduced the U.S.   The United States dollar is the official currency of the United States and several other countries.

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