SEC sues Binance and accuses crypto exchange of mishandling funds

Securities and Exchange Commission alleges Binance mixed billions in customer funds and lied to regulators and investors

Binance, the world’s largest cryptocurrency exchange, was sued by the US’s top financial watchog on Monday, accused of mishandling customer funds and lying to regulators and investors.

The Securities and Exchange Commission (SEC) has accused Binance of mixing “billions of dollars” in customer funds and secretly sending them to a separate company controlled by Binance’s founder, Changpeng Zhao.