U.S. sues Binance over mishandled funds, securities law violations

The world’s largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds. In a lawsuit filed by the SEC, Binance is also accused of operating as an unregistered exchange and violating a slew of U.S. securities laws. Filed in the U.S. District Court for the District of Columbia, the Securities and Exchange Commission lawsuit lists thirteen charges against the firm. Binance is a Cayman Islands limited liability company founded by Zhao.