Binance JUST Screwed Crypto! [Massive SEC Lawsuit] DANGER.

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⚠️⚠️⚠️#binance #crypto #investing ⚠️⚠️⚠️

– 🚨 The Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, accusing the world’s largest cryptocurrency exchange of operating an illegal trading platform in the U.S. and misusing customer funds.
– 💼 Binance’s founder and controlling shareholder, Changpeng Zhao, has also been named as a defendant in the SEC lawsuit. The SEC alleges that Binance and Zhao misused customer funds and engaged in fraudulent trading practices.
– 💰 Binance is accused of commingling billions of dollars in customer assets and sending them to a third-party entity owned by Zhao. The SEC claims that Binance concealed this activity.
– 📜 The SEC’s lawsuit asks for Binance’s assets to be frozen and the appointment of a receiver to track and preserve users’ assets.
– 📊 Binance’s challenges with U.S. regulators and law enforcement extend beyond the SEC lawsuit. The Commodity Futures Trading Commission (CFTC) has also accused Binance and Zhao of evading its rules, and Binance is facing a Justice Department investigation over its money laundering detection program.
– ⚖️ The lawsuit against Binance sheds light on the company’s profitability, revealing that it earned at least $11.6 billion in revenue between June 2018 and July 2021, primarily from transaction fees.
– 📉 The SEC alleges that Binance sold cryptocurrencies that should have complied with investor-protection rules, causing the value of BNB (Binance Coin) to fall over 7% following the announcement.
– 🌍 Binance’s global dominance in crypto trading is highlighted, with over 40% of all crypto trading taking place through the exchange.
– 🗓️ The SEC’s lawsuit against Binance is another example of U.S. regulators asserting jurisdiction over the crypto industry, and it adds to the SEC’s previous actions against Bittrex and Coinbase.
– 🔒 Binance has stated its intention to defend its platform vigorously, denying the allegations made by the SEC. Binance.US, the U.S. arm of the exchange, also intends to defend itself against the litigation.

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