SEC Sues Binance and Changpeng Zhao Alleging Securities Laws Violation

• The Securities and Exchange Commission filed a complaint against Binance, the world’s largest cryptocurrency exchange on June 5th.
• The complaint also targets Changpeng Zhao, the chief executive officer of the exchange.
• Binance has been under high regulatory pressure for multiple months and its US branch is reportedly seeking to reduce CZ ownership stake as a way of reducing said pressure.
• Binance has also recently been sued by the Commodity Futures Trading Commission.
• US regulators have been increasingly targeting cryptocurrency firms since the downfall of Sam Bankman-Fried’s FTX in November 2022.

This is a breaking story and will be updated as new details emerge.