Crypto exchange Binance and CEO Changpeng Zhao sued over ‘web of deception’ and securities violations

News Snapshot:

Crypto exchange Binance and its chief executive officer Changpeng Zhao are being sued by US regulator the Securities and Exchange Commission. Zhao, known as CZ, is the founder of the world’s largest cryptocurrency exchange Binance and has an estimated net worth of $US10.5 billion ($16 billion). Experts warn that the lawsuit has the potential to cripple Binance and will send shockwaves through the crypto industry. The SEC cited a “blatant disregard of the federal securities laws” and said that CZ and Binance had “enriched themselves by billions of US dollars” while putting the assets of investors at “significant risk”. Specifically,...