The Securities and Exchange Commission says Binance Holdings Ltd.’s recent $4.3 billion settlement with the Justice Department and other US authorities bolsters its own case against the world’s biggest crypto exchange.
Despite not being part of the agreement, the SEC argued on Friday that the federal court in Washington hearing its case should weigh admissions by Binance and the firm’s former chief executive, Changpeng Zhao, in the Nov. 21 settlement. The firm and Zhao have asked the court to dismiss the SEC’s lawsuit.
Representatives for Binance and a defense lawyer for Zhao didn’t immediately respond to emailed requests for comment.
Binance’s record settlement with the US government wrapped up yearslong investigations by Justice, multiple arms of the Treasury Department and the Commodity Futures Trading Commission. The agreement didn’t include the SEC, which sued the exchange and Zhao in June for allegedly mishandling customer funds, misleading investors and regulators, and breaking securities rules.
The case is SEC v. Binance, 23-cv-01599, US District Court, District of Columbia (Washington, DC).
Photo: Changpeng Zhao, center, exits federal court in Seattle on Nov. 21. Photographer: Chloe Collyer/Bloomberg
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