US SEC sues Binance, CEO Zhao for breaking securities rules: Bloomberg

Companies • June 5, 2023, 11:17AM EDT
UPDATED: June 5, 2023, 11:37AM EDT
The Block

Quick Take

  • The U.S. Securities and Exchange Commission has sued Binance Holdings Ltd. and CEO Changpeng Zhao, Bloomberg News reported, citing a federal court filing.
  • The price of bitcoin declined immediately following the news.

The U.S. Securities and Exchange Commission has sued Binance Holdings Ltd. and CEO Changpeng Zhao, Bloomberg News reported, citing a federal court filing.

The suit accused them of breaking U.S. rules, Bloomberg said.

"Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits," Zhao said on Twitter. "We will issue a response once we see the compliant. Haven't seen it yet. Media gets the info before we do."

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The price of bitcoin fell immediately following the news, declining 2.6% to $26,412, according to TradingView.

This story is developing and will be updated.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.

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