SEC Says Binance Misused Customer Funds, Ran Illegal Crypto Exchange in U.S.

crypto exchange
crypto exchange

Regulator’s lawsuit asks federal judge to freeze company’s assets

Binance founder Changpeng Zhao was named as a defendant in the SEC suit. Photo: Benoit Tessier/Reuters

WASHINGTON—The Securities and Exchange Commission on Monday sued Binance, the world’s largest cryptocurrency exchange, alleging the overseas company operated an illegal trading platform in the U.S. and misused customers’ funds.