SEC accuses Binance of mishandling customer funds and lying to regulators and investors – live

US watchdog says company mixed billions in customer funds and secretly sent them to separate company controlled by CEO Changpeng Zhao

The US Securities and Exchange Commission has filed a lawsuit against Binance, the world’s largest cryptocurrency exchange, and its CEO, Changpeng Zhao, accusing the company and Zhao of operating an illegal cryptocurrency exchange using billions of dollars in Binance customer funds.

This is the biggest crackdown of the cryptocurrency exchange and will likely cause a rumble in the cryptocurrency world, which was shaken by the collapse of FTX in the fall, what was the second-largest exchange to Binance.