Binance and Zhao allegedly undermined the company's own compliance, courted U.S. investors and traded against its customers using market-making companies.

The U.S. Securities and Exchange Commission sued crypto exchange Binance, the operating company for Binance.US and Binance founder and CEO Changpeng "CZ" Zhao on allegations of violating federal securities laws on Monday.

The SEC is suing Binance and its CEO, Changpeng Zhao. The WSJ reported the lawsuit accuses the world's biggest crypto exchange of operating an illegal exchange. Zhao tweeted Monday morning that the company had yet to see the complaint.

The SEC’s complaint also alleged that Binance and Zhao secretly control customers’ assets, allowing them to commingle and divert customer funds.

The world's largest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Securities and Exchange Commission on Monday for failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls,

The U.S. Securities and Exchange Commission sued cryptocurrency exchange Binance Holdings and its CEO Changpeng Zhao for allegedly violating U.S

Binance Coin price is facing the brunt of the bear market as the already persisting skepticism was flamed further today by the Securities and Exchange Commission (SEC). The regulatory body fired its shot against the world's biggest cryptocurrency exchange and its CEO, bringing the native token BNB to a multi-month low.