V. Securities And Exchange Commission Et Al
The Securities and Exchange Commission has filed a lawsuit against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao for violating federal securities laws. The defendants are accused of engaging in unregistered offers and sales of crypto asset securities and other investment schemes, soliciting U.S. investors to buy, sell, and trade through unregistered trading platforms available online at Binance.com and Binance.US. The lawsuit alleges that the defendants have engaged in multiple unregistered offers and sales of crypto asset securities and other investment schemes, and have made misrepresentations to investors about controls they claimed to have implemented on the Binance.US Platform, which were in fact virtually non-existent. The lawsuit seeks permanent injunctions, disgorgement of ill-gotten gains, civil money penalties, and other equitable relief. The lawsuit highlights the importance of oversight over the national securities markets to protect interstate commerce, the national credit, the Federal taxing power, the national banking system, and fair and honest markets.
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