According to the regulator, Binance failed to register as a securities exchange and operated illegally in the United States.
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The United States Securities and Exchange Commission (SEC) filed suit against Binance, its U.S. platform and Changpeng Zhao (CZ) in the District Court for the District of Columbia on June 5.
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Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits.
We will issue a response once we see the compliant. Haven’t seen it yet. Media gets the info before we do.
— CZ Binance (@cz_binance) June 5, 2023
The U.S. regulator pressed 13 charges against Binance, including unregistered offers and sales of the BNB (BNB) and BUSB tokens, the Simple Earn and BNB Vault products and its staking program. In addition, the SEC alleges in the suit that Binance failed to register its Binance.com platform as an exchange or a broker-dealer clearing agency. Further, it claimed Binance and BAM Trading failed to register Binance.US as an exchange, broker and clearing agency and CZ was sued as a “controlling person.”