![Changpeng Zhao of Binance (Left) and FTX CEO Sam Bankman-Fried](https://news.fintechnexus.com/wp-content/uploads/2022/11/czsbf-100x100.png)
The following is an excerpt from today’s Global Newsletter.
Binance was in the news again this morning; as you might expect, it went from bad to terrible.
The New York Times reported that the SEC filed 13 charges against Binance and CEO Changpeng Zhao.
Reuters earlier published an exclusive alleging the parent company controlled ‘independent’ U.S. affiliate’s bank accounts.
Reuters reported another whopper in February that stated Binance moved $400 million from U.S. partner to a firm managed by Zhao.
These stories shed light on the financial reporting secrecy of Binance and how much the U.S. branch and the parent company were intertwined despite the company declaring that wasn’t the case.
Binance has always maintained they have moved forward from those days (the “parent company control” story referenced actions in 2019 and 2020), but formal charges may spell the end.
We will have more on this breaking news story in the days ahead.
![Binance CEO Changpeng Zhao speaks during a news conference at the Web Summit, Europe’s largest technology conference, in Lisbon, Portugal, November 2, 2022. REUTERS/Pedro Nunes](https://news.fintechnexus.com/wp-content/uploads/2023/05/zhao-changpeng-1024x768.jpg)
Featured
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SEC accuses Binance of mishandling funds and lying to regulators www.nytimes.com The SEC said the world’s largest cryptocurrency exchange mixed “billions of dollars” in customer funds and secretly sent them to a separate company controlled by Binance’s founder, Changpeng Zhao. |
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