SEC: Binance’s DOJ Settlement Strengthens Our Case – PYMNTS.com

By PYMNTS  |  December 10, 2023 The Securities and Exchange Commission (SEC) says Binance’s recent plea deal gives it new ammunition against the cryptocurrency exchange. As Bloomberg News reported, the SEC contended in a hearing Friday (Dec. 8) that the court should take into consideration the guilty pleas by Binance and its former CEO last month. The SEC sued Binance and Changpeng Zhao, the former chief executive, in June, accusing the company of misleading investors, violating securities regulation and mishandling customer funds. The company has asked the court to dismiss the case. Binance last month pleaded guilty to a criminal charge and agreed to pay $4.3 billion in fines to resolve a long-running Department of Justice investigation.  Zhao, the company’s founder and CEO of Binance, also pleaded guilty to violating criminal U.S. anti-money laundering requirements, and agreed to resign. Richard Teng, who had been Binance’s global head of regional markets, stepped in to take over as CEO. In addition to the DOJ, Binance also reached resolutions with Commodity Futures Trading Commission (CFTC), Office of Foreign Assets Control and Financial Crimes Enforcement Network in connection with those agencies’ investigations into the company’s registration, compliance and sanctions issues. While none of these agencies had alleged Binance misappropriated any
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