“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. ‘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. The SEC yesterday filed 13 charges against the world’s largest cryptocurrency exchange, Binance, and its CEO Changpeng Zhao, including operating illegally in the US and commingling customers' assets. SEC.gov | SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency Coinbase (COIN) Daily Price Chart – June 6, 2023 The SEC alleges that Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law.’ ‘According to the SEC’s complaint, since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities. Coinbase shares are currently 18% lower in pre-market trade, following a 9%+ drop on Monday, after the SEC formally charged the company for operating as an unregistered securities exchange, broker, and clearing agency.

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