https://techcrunch.com/2023/06/05/sec-sues-binance-and-ceo-zhao-over-alleged-mishandling-funds-lying-to-regulators/

The SEC is accusing Binance, the world’s largest crypto exchange, its CEO Changpeng Zhao and BAM Trading and BAM Management, of lying to regulators about its operations, according to a federal suit filed Monday. The regulator filed 13 charges against the defendants.

Binance and BAM Trading were under Zhao’s leadership and control and operated without registering with the SEC, the agency stated. “Zhao and Binance created BAM Management and BAM Trading in the United States and claimed publicly that these entities independently controlled the operation of the Binance.US platform.”