United States SEC Files 13 Charges Against Crypto Exchange Binance & Founder Changpeng Zhao for Securities Violations Including Using Sigma Chain to Inflate Trading Volume, Non-Existent Trading Controls of Entities, Allow Commingling of Customer Assets, Sending Billions to Changpeng Zhao-Owned Merit Peak Limited
6th June 2023 | Hong Kong
The United States SEC (Securities & Exchange Commission) has filed 13 charges against crypto exchange Binance and founder Changpeng Zhao for securities violations (unauthorized) including using Sigma Chain (Binance entity) to inflate trading volume, non-existent trading controls of entities, allow commingling of customer assets, and sending billions of assets to Changpeng Zhao-owned Merit Peak Limited. United States SEC on Binance License: “The SEC’s complaint alleges that Zhao and Binance created BAM Management and BAM Trading in September 2019 as part of an elaborate scheme to evade U.S. federal securities laws by claiming that BAM Trading operated the Binance.US platform independently and that U.S. customers were not able to use the Binance.com platform. The complaint alleges that, in reality, Zhao and Binance maintained substantial involvement and control of the U.S. entity and that, behind the scenes, Zhao directed Binance to allow and conceal many high-value U.S. customers’ continued access to Binance.com. In one instance, the Binance chief compliance officer messaged a colleague that, <[w]e are operating as a fking unlicensed securities exchange in the USA bro.>”. United States SEC: “While Zhao and Binance publicly claimed that U.S. customers were restricted from transacting on Binance.com, Zhao and Binance in reality subverted their own controls to secretly allow high-value U.S. customers to continue trading on the Binance.com platform. Further, the SEC alleges that, while Zhao and Binance publicly claimed that Binance.US was created as a separate, independent trading platform for U.S. investors, Zhao and Binance secretly controlled the Binance.US platform’s operations behind the scenes … …. The SEC also alleges that Zhao and Binance exercise control of the platforms’ customers’ assets, permitting them to commingle customer assets or divert customer assets as they please, including to an entity Zhao owned and controlled called Sigma Chain. The SEC’s complaint further alleges that BAM Trading and BAM Management US Holdings, Inc. (“BAM Management”) misled investors about non-existent trading controls over the Binance.US platform, while Sigma Chain engaged in manipulative trading that artificially inflated the platform’s trading volume. Further, the Complaint alleges that the defendants concealed the fact that it was commingling billions of dollars of investor assets and sending them to a third party, Merit Peak Limited, that is also owned by Zhao.” More info below.
“ United States SEC Files 13 Charges Against Crypto Exchange Binance & Founder Changpeng Zhao for Securities Violations Including Using Sigma Chain to Inflate Trading Volume, Non-Existent Trading Controls of Entities, Allow Commingling of Customer Assets, Sending Billions to Changpeng Zhao-Owned Merit Peak Limited “
United States SEC Files 13 Charges Against Crypto Exchange Binance & Founder Changpeng Zhao for Securities Violations
- SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao
- Charges include operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the Binance.US platform; and the unregistered offer and sale of securities.
5th June 2023 – The Securities and Exchange Commission today charged Binance Holdings Ltd. (“Binance”), which operates the largest crypto asset trading platform in the world, Binance.com; U.S.-based affiliate, BAM Trading Services Inc. (“BAM Trading”), which, together with Binance, operates the crypto asset trading platform, Binance.US; and their founder, Changpeng Zhao, with a variety of securities law violations.
Among other things, the SEC alleges that, while Zhao and Binance publicly claimed that U.S. customers were restricted from transacting on Binance.com, Zhao and Binance in reality subverted their own controls to secretly allow high-value U.S. customers to continue trading on the Binance.com platform. Further, the SEC alleges that, while Zhao and Binance publicly claimed that Binance.US was created as a separate, independent trading platform for U.S. investors, Zhao and Binance secretly controlled the Binance.US platform’s operations behind the scenes.
The SEC also alleges that Zhao and Binance exercise control of the platforms’ customers’ assets, permitting them to commingle customer assets or divert customer assets as they please, including to an entity Zhao owned and controlled called Sigma Chain. The SEC’s complaint further alleges that BAM Trading and BAM Management US Holdings, Inc. (“BAM Management”) misled investors about non-existent trading controls over the Binance.US platform, while Sigma Chain engaged in manipulative trading that artificially inflated the platform’s trading volume. Further, the Complaint alleges that the defendants concealed the fact that it was commingling billions of dollars of investor assets and sending them to a third party, Merit Peak Limited, that is also owned by Zhao.
The Complaint also charges violations of critical registration-related provisions of the federal securities laws:
- Binance and BAM Trading with operating unregistered national securities exchanges, broker-dealers, and clearing agencies;
- Binance and BAM Trading with the unregistered offer and sale of Binance’s own crypto assets, including a so-called exchange token, BNB, a so-called stablecoin, Binance USD (BUSD), certain crypto-lending products, and a staking-as-a-service program; and
- Zhao as a control person for Binance’s and BAM Trading’s operation of unregistered national securities exchanges, broker-dealers, and clearing agencies.
“Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” said SEC Chair Gary Gensler. “As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied. They attempted to evade U.S. securities laws by announcing sham controls that they disregarded behind the scenes so that they could keep high-value U.S. customers on their platforms. The public should beware of investing any of their hard-earned assets with or on these unlawful platforms.”
“We allege that Zhao and the Binance entities not only knew the rules of the road, but they also consciously chose to evade them and put their customers and investors at risk – all in an effort to maximize their own profits,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “By engaging in multiple unregistered offerings and also failing to register while at the same time combining the functions of exchanges, brokers, dealers, and clearing agencies, the Binance platforms under Zhao’s control imposed outsized risks and conflicts of interest on investors. Those risks and conflicts are only heightened by the Binance platforms’ lack of transparency, reliance on related-party transactions, and lies about controls to prevent manipulative trading. Despite their years-long efforts to not ‘be held accountable,’ today’s complaint begins the process of doing so.”
Unregistered Exchange, Broker, and Clearing Agency
The SEC’s complaint, filed in the U.S. District Court for the District of Columbia, alleges that, since at least July 2017, Binance.com and Binance.US, while controlled by Zhao, operated as exchanges, brokers, dealers, and clearing agencies and earned at least $11.6 billion in revenue from, among other things, transaction fees from U.S. customers. The SEC’s complaint alleges that (1) with respect to Binance.com, Binance should have registered as an exchange, broker-dealer, and clearing agency; (2) with respect to Binance.US, Binance and BAM Trading should have registered as an exchange and as clearing agencies; and (3) BAM Trading should have registered as a broker-dealer. The SEC also alleges that Zhao is liable as a control person for Binance’s and BAM Trading’s respective registration violations.
Unregistered Offer and Sale of Crypto Assets
The SEC charged Binance for the unregistered offers and sales of BNB, BUSD, and crypto-lending products known as “Simple Earn” and “BNB Vault.” Further, the SEC charged BAM Trading with the unregistered offer and sale of Binance.US’ staking-as-a-service program. The complaint also notes that Binance secretly has control over assets staked by U.S. customers in BAM’s staking program.
Failure to Restrict U.S. Investors From Accessing Binance.com
The SEC’s complaint alleges that Zhao and Binance created BAM Management and BAM Trading in September 2019 as part of an elaborate scheme to evade U.S. federal securities laws by claiming that BAM Trading operated the Binance.US platform independently and that U.S. customers were not able to use the Binance.com platform. The complaint alleges that, in reality, Zhao and Binance maintained substantial involvement and control of the U.S. entity and that, behind the scenes, Zhao directed Binance to allow and conceal many high-value U.S. customers’ continued access to Binance.com. In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.”
Misleading Investors
According to the SEC’s complaint, BAM Trading and BAM Management misled Binance.US customers and equity investors concerning the existence and adequacy of market surveillance and controls to detect and prevent manipulative trading on the Binance.US platform’s crypto asset trading volumes. The complaint further alleges that the strategic and targeted wash trading largely perpetrated by the Binance.US platform’s primary undisclosed “market making” trading firm Sigma Chain, also owned by Zhao, demonstrates the falsity of statements BAM Trading made about its market surveillance and controls.
The SEC’s investigation into the violations with respect to the Binance.US platform was conducted by Kathleen Hitchins, Ann Rosenfield, and Colby Steele, with the assistance of Ainsley Kerr, John Marino, and Donald Battle and the supervision of Paul Kim. The investigation into the violations with respect to the Binance.com platform was conducted by Michael Baker, Donna K. Norman, and Martin Zerwitz, with the assistance of Sachin Verma and Alexander Lefferts and the supervision of Deborah A. Tarasevich. Both matters were overseen by Jorge G. Tenreiro and David Hirsch of the SEC’s Crypto Assets and Cyber Unit. The litigation is being led by Matthew Scarlato, Jennifer Farer, and J. Emmett Murphy, with the assistance of Hope Hall Augustini, and under the supervision of David Nasse, Olivia Choe, and Mr. Tenreiro.
Crypto Exchange Binance Investigated by Canada Securities Regulators on Regulatory Compliance, Announced Withdrawal from Canada
2nd June 2023 – Crypto exchange Binance had received a notice of investigation by Canada securities regulators on regulatory compliance (attempts to bypass Canada regulatory & compliance controls), and also announcing Binance withdrawal from Canada. In 2023 April, Australia regulator (Australian Securities & Investment Commission, ASIC) cancelled Binance derivatives license on request by Binance after being under Australia regulatory review in February 2023, with no new open or buy trades allowed from 14th April 2023 and all trading positions to be closed out by 21st April 2023. Binance has around 100 derivatives clients in Australia. In 2023 March, the United States Commodity & Futures Trading Commission (CFTC) charged Binance & billionaire founder Chanpeng Zhao for operating an illegal digital asset derivatives exchange and willful evasion of United States federal law, with Binance former Chief Compliance Officer Samuel Lim also charged for aiding violations.
Australia Regulator Cancels Binance Derivatives License on Request by Binance after Being Under Review Since February 2023, No New Open or Buy Trades from 14th April 2023 & All Trading Positions to be Closed Out by 21st April 2023
7th April 2023 – Australia regulator (Australian Securities & Investment Commission, ASIC), has cancelled Binance derivatives license on request by Binance after being under Australia regulatory review in February 2023, with no new open or buy trades allowed from 14th April 2023 and all trading positions to be closed out by 21st April 2023. Binance has around 100 derivatives clients in Australia. Australian Securities & Investment Commission: “On 27 March 2023, the Commodities Futures Trading Commission announced that it had filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois charging Changpeng Zhao, Chief Executive Officer of the Binance Group, and three entities that operate the Binance platform with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations. The complaint also charges Samuel Lim, Binance’s former chief compliance officer, with aiding and abetting Binance’s violations. Binance group entities have been the subject of regulatory warnings and action from a number of overseas regulators.” More info below.
Australia Regulator Cancels Binance Derivatives License on Request by Binance after Being Under Review Since February 2023
Binance Australia Derivatives – AFS licence cancelled
6th April 2023 – ASIC has today cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance). The licence cancellation was effected today in response to a request to cancel received from Binance yesterday. Following the cancellation:
- with effect from 14 April 2023, clients will not be able to increase derivatives positions or open new positions with Binance;
- Binance will require clients to close any existing derivative positions before 21 April 2023;
- on 21 April 2023, Binance will close any remaining open positions.
The terms of the cancellation include a provision that that the cancellation has no effect on the requirement for Binance to continue as a member of Australian Financial Complaints Authority until the end of 8 April 2024.
ASIC has been conducting a targeted review of Binance financial services business in Australia, including its classification of retail and wholesale clients. On 29 March 2023, ASIC issued a notice of hearing under s915C of the Corporations Act 2001 to consider whether ASIC should cancel or suspend the AFS licence held by Oztures Trading Pty Ltd ASIC Chair Joe Longo said, “It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law. Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority. “Our targeted review of these matters is ongoing, including focus on the extent of consumer harms,” said Mr Longo.
Crypto
ASIC has repeatedly warned potential crypto users that crypto is risky and complex. Crypto derivatives pose additional risks to consumers through the operation of leverage. Many crypto products and services are not regulated by ASIC. More than with other types of investments, crypto users should be prepared to lose any funds they invest in crypto.
“As we have said before, ASIC supports a regulatory framework for crypto with a focus on consumer protection and market integrity. The final decision as to the regulatory settings is one for Government,” said Mr Longo. To understand how crypto works and the risks involved, see ASIC Moneysmart. ASIC continues to take action to disrupt and deter harm and misconduct within its jurisdiction.
- On 15 December 2022, ASIC commenced civil penalty proceedings in the Federal Court against Finder Wallet Pty Ltd for alleged unlicenced conduct and inadequate risk disclosure in relation to the Finder Earn product
- On 23 November 2022, ASIC commenced civil penalty proceedings in the Federal Court against Block Earner for unlicensed conduct in relation to its crypto-asset based products.
- On 25 October 2022, ASIC commenced civil penalty proceedings in the Federal Court against BPS Financial for alleged misleading statements and unlicenced conduct in relation to the crypto-asset “Qoin”.
Background
Oztures Trading Pty Ltd holds an AFS licence with authorisations to:
- issue and make a market in derivatives and foreign exchange contracts,
- deal in specified financial products on behalf of another person and
- provide financial product advice in specified financial products
to retail clients and wholesale clients. Ownership of the licensee changed in January 2022 and it commenced offering derivatives as Binance Australia Derivatives in around July 2022. Retail clients are afforded important rights and consumer protections under financial services laws in Australia, including:
- access to the licensee’s internal dispute resolution system;
- access to external dispute resolution through the Australian Financial Complaints Authority;
- arrangements to compensate retail clients for loss or damage suffered because of breaches of the licensee’s obligations;
- general advice warnings and statements of advice where personal advice is given;
- product disclosure statements and financial services guides;
- rights and protections related to a product intervention order, such as ASIC’s product intervention order relating to contracts for difference; and
- the design and distribution obligations which assist retail clients to obtain appropriate financial products by requiring issuers and distributors to have a customer-centric approach to designing, marketing and distributing financial products.
On 27 March 2023, the Commodities Futures Trading Commission announced that it had filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois charging Changpeng Zhao, Chief Executive Officer of the Binance Group, and three entities that operate the Binance platform with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations. The complaint also charges Samuel Lim, Binance’s former chief compliance officer, with aiding and abetting Binance’s violations. Binance group entities have been the subject of regulatory warnings and action from a number of overseas regulators. In addition to the CFTC, these include:
- UK Financial Conduct Authority
- Japan Financial Services Agency
- Italy Commissione Nazionale per le Societa e la Borsa (CONSOB)
- Monetary Authority of Singapore
- Netherlands Central Bank (DNB)
- Ontario Securities Commission
- Thailand Securities Exchange Commission
United States Commodity & Futures Commission Charged Binance & Billionaire Founder Chanpeng Zhao for Operating Illegal Digital Asset Derivatives Exchange & Willful Evasion of Federal Law, Chief Compliance Officer Samuel Lim for Aiding Violations
29th March 2023 | Hong Kong
The United States Commodity & Futures Trading Commission (CFTC) has charged Binance & billionaire founder Chanpeng Zhao for operating an illegal digital asset derivatives exchange and willful evasion of United States federal law, with Binance former Chief Compliance Officer Samuel Lim also charged for aiding violations. United States CFTC: “The defendants allegedly chose to knowingly disregard applicable provisions of the CEA while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit. In its continuing litigation against the defendants, the agency seeks disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the CEA and CFTC regulations, as charged.” CFTC Chairman Rostin Behnam: “Today’s enforcement action demonstrates that there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors. I have been clear that the CFTC will continue to use all of its authority to find and stop misconduct in the volatile and risky digital asset market. For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law. I applaud the diligent and dedicated work of the CFTC’s Enforcement team in bringing this action, and for their hard work in addressing illegal operations in the digital asset space.” In 2022 July, Binance was fined $3.4 million by Dutch central bank for illegal operations in Netherlands without appropriate licenses. In August 2021, the Dutch central bank (De Nederlandsche Bank, DNB) had warned Binance that it is offering crypto services in the country without authorization.
“ United States Commodity & Futures Commission Charged Binance & Billionaire Founder Chanpeng Zhao for Operating Illegal Digital Asset Derivatives Exchange & Willful Evasion of Federal Law, Chief Compliance Officer Samuel Lim for Aiding Violations “
United States Commodity & Futures Commission Charged Binance & Founder Chanpeng Zhao for Operating Illegal Digital Asset Derivatives Exchange & Willful Evasion of Federal Law
CFTC Charges Binance and Its Founder, Changpeng Zhao, with Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange
27th March 2023 – The Commodity Futures Trading Commission today announced it has filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois charging Changpeng Zhao and three entities that operate the Binance platform with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations. The complaint also charges Samuel Lim, Binance’s former chief compliance officer, with aiding and abetting Binance’s violations.
The complaint charges that Binance Holdings Limited, Binance Holdings (IE) Limited, and Binance (Services) Holdings Limited (together, Binance) operate the Binance centralized digital asset trading platform along with numerous other corporate vehicles through an intentionally opaque common enterprise, with Zhao at the helm as Binance’s owner and chief executive officer. The defendants allegedly chose to knowingly disregard applicable provisions of the CEA while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit.
In its continuing litigation against the defendants, the agency seeks disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the CEA and CFTC regulations, as charged.
“Today’s enforcement action demonstrates that there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors. I have been clear that the CFTC will continue to use all of its authority to find and stop misconduct in the volatile and risky digital asset market,” said CFTC Chairman Rostin Behnam. “For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law. I applaud the diligent and dedicated work of the CFTC’s Enforcement team in bringing this action, and for their hard work in addressing illegal operations in the digital asset space.”
“Defendants’ alleged willful evasion of U.S. law is at the core of the Commission’s complaint against Binance. The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law,” said Gretchen Lowe, CFTC’s Enforcement Division Principal Deputy Director and Chief Counsel. “Today’s enforcement action reflects that the CFTC and its Enforcement Division will pursue those digital asset platforms and individuals who flout and actively attempt to circumvent CFTC regulatory requirements. I thank the Enforcement team for their dedication and hard work in bringing this action.”
Case Background
According to the complaint, Binance has offered and executed commodity derivatives transactions to and for U.S. persons from July 2019 through the present. As alleged, Binance’s compliance program has been ineffective and, at Zhao’s direction, Binance has instructed its employees and customers to circumvent compliance controls in order to maximize corporate profits.
The complaint charges that for much of the relevant period, Binance did not require its customers to provide any identity-verifying information before trading on the platform, despite the legal duty that entities like Binance functioning as futures commission merchants (FCMs) collect such information, and failed to implement basic compliance procedures designed to prevent and detect terrorist financing and money laundering.
The complaint further alleges that even after Binance purported to restrict U.S. customers from trading on its platform, Binance instructed its customers – in particular its commercially valuable U.S.-based VIP customers – on the best methods for evading Binance’s compliance controls. In addition, the complaint charges Binance with acting as a designated contract market or swap execution facility based on its role in facilitating derivatives transactions without registering with the CFTC, as required.
The complaint also charges the entity defendants with failing to diligently supervise Binance’s activities as an FCM. Among the numerous supervisory failures detailed in the complaint is Binance’s instruction to employees to communicate with U.S.-based customers concerning control evasion through a messaging application that was set to automatically delete written communications. According to the complaint, the reason Binance used that communication method was to avoid leaving any evidence of their efforts to retain U.S.-based customers.
The complaint further charges the Binance, Zhao and Lim with willful evasion of the requirements of the CEA. As alleged, the defendants conducted certain activities outside the U.S. designed to avoid CFTC regulation, such as intentionally structuring their entities and transactions to avoid registration requirements and instructing U.S. customers as well as other customers as to how to evade Binance’s compliance controls.
As alleged, Zhao is liable for Binance’s violations based on his control over Binance and his long-running failure to act in good faith concerning Binance’s misconduct. According to the complaint, Zhao owned and controlled dozens of entities that operate the Binance platform as a common enterprise. Zhao is alleged to have been responsible for all major strategic decisions at Binance, including devising the secret plot to instruct U.S.-based VIP customers to evade Binance’s compliance controls and instructing Binance employees to ensure all communications about their control subversion took place over applications that facilitated the automatic destruction of evidence.
Lim, Binance’s CCO from 2018 through 2022, is charged with willfully aiding and abetting Binance’s violations through intentional conduct that undermined Binance’s compliance program. Lim is also charged with conducting activities to willfully evade or attempt to evade applicable provisions of the CEA, including promoting the use of “creative means” to assist customers in circumventing Binance’s compliance controls and implementing a corporate policy that instructed Binance’s U.S. customers to access the trading facility through a virtual private network to avoid Binance’s IP address-based controls or create “new” accounts through off-shore shell companies to evade Binance’s KYC-based controls.
The Division of Enforcement staff responsible for this matter are Candy Haan, Joseph Platt, Joseph Patrick, Matthew Edelstein, Ray Lavko, Elizabeth N. Pendleton, Scott R. Williamson, and Robert T. Howell.
Customers and other individuals can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382), file a tip or complaint online, or contact the CFTC Whistleblower Office at whistleblower.gov. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected paid from the CFTC Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the Commodity Exchange Act.
World Largest Crypto Exchange Binance Fined $3.4 Million by Dutch Central Bank for Illegal Operations Without License
21st July 2022 – The world’s largest crypto exchange Binance had been fined $3.4 million by Dutch central bank for illegal operations in Netherlands without appropriate licenses. In August 2021, the Dutch central bank (De Nederlandsche Bank, DNB) had warned Binance that it is offering crypto services in the country without authorization.
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