However, it also goes farther by adding allegations around Binance's lack of controls around market manipulation, which the SEC alleges contradict public statements by Binance that they had sophisticated programs to prevent wash trading and other manipulative actions. The complaint echoes some of the allegations made by the CFTC in a March lawsuit, including that Binance.US was primarily a front for Binance's international platform that was used to try to distract US regulators. ![]() They allege that the company has been acting with "blatant disregard" of US securities laws through their operation of unregistered trading platforms, have performed multiple offers of unregistered securities and investment schemes, and have defrauded investors through material misstatements around supposed controls for manipulative trading activity, such as wash trading, on the Binance platforms. The SEC has filed a complaint against Binance, various related companies, and Binance CEO Changpeng "CZ" Zhao. "SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency", U.S.As with the lawsuit against Binance, this is not likely to resolve anytime soon, particularly if the companies both decide to fight in court. Given the amount of lobbying Coinbase has been doing, and the apparent bought and paid for crypto advocates who sit in Congress, his hopes are not entirely misplaced, but we shall see. introducing new legislation to fix the situation", suggesting he is hoping that Congress might bail him out of the mess he's in. A tweet by Coinbase CEO Brian Armstrong refers to "the US congress. They don't really have much choice, given their business is almost entirely predicated on being able to continue operating in the US. The SEC, apparently unconvinced by Coinbase's usual spiel, filed a complaint with five claims for relief involving operating without registering with the SEC and offering unregistered securities by way of providing a cryptocurrency staking program.Ĭoinbase has responded with its usual bluster, and vowed to fight the lawsuit. This isn't terribly unexpected: in late March the SEC hit Coinbase with a Wells notice, which is a formal notice saying "we're about to file a complaint against you, convince us not to." Coinbase decided that instead of any real attempt at convincing them not to, they would use the incident as a PR opportunity to try to win hearts and minds (of the public but also critically in Congress), convincing people that the SEC was being unfair to them and stifling innovation in the United States and all sorts of other things. The agency followed up its complaint against Binance by smacking Coinbase with charges the very next day. Please exercise caution until we are able to confirm a resolution", they wrote. "This is a scam, and if you connect your wallet, you will lose your funds. ![]() We've taken steps to secure the server and protect against any further abuse." However, less than an hour later they put out a new tweet announcing that the URL had been hijacked to redirect to a new server. ![]() The scammers created a fake Discord channel where they have posted a message: "In order to curb the reactionary market's response to patently false SEC accusations, we are hosting a $BNB airdrop on BSC to show our faith in our technology and community!" The scammers urged members to connect their crypto wallets, ostensibly to receive their share of the roughly 100,000 BNB (nearly $30 million) the scammers claimed they'd allocated to the giveaway.Īfter this was brought to BNB Chain's attention by crypto sleuth zachxbt, they tweeted that they "acted quickly (within 10 minutes) to ban the offending accounts and remove the posts. Adding insult to injury in Binance's tough couple of days, someone has managed to hijack the Discord vanity URL used by BNB Chain, the blockchain project associated with Binance.
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