The US Securities and Exchange Commission (SEC) said Binance’s recent $4.3 billion settlement with the Department of Justice and other US authorities strengthens its case against the world’s largest cryptocurrency exchange.
The SEC, which was not involved in the settlement agreement, argued in a statement on Friday that the federal court in Washington hearing its case should take into account the admissions made by Binance and the company’s former CEO Changpeng Zhao in the Nov. 21 settlement.
Both Binance and Zhao had asked the court to dismiss the SEC’s case. Representatives from Binance and Zhao’s defense attorney have not yet responded to requests for comment.
Binance’s record deal with the US government concluded investigations spanning several years by the Department of Justice, various branches of the Treasury Department and the Commodity Futures Trading Commission. But the SEC, which sued the exchange and Zhao in June for allegedly mishandling customer funds, misleading investors and regulators, and violating securities rules, was not included in the settlement.
*This is not investment advice.
