Binance crypto exchange and CEO sued by SEC

Binance, the world’s biggest cryptocurrency exchange, and its CEO and founder Changpeng Zhao are being sued by the US Securities and Exchange Commission (SEC) for allegedly failing to restrict US customers from its platform and misleading investors about its market surveillance controls as well as for operating an unregistered securities exchange, Reuters reported on Monday. The SEC’s complaint, filed in federal court in Washington, DC, also accused Binance and Zhao of secretly controlling customers’ assets, allowing them to commingle and divert customer funds, “as they please.