Altcoin News Daily Official TheBitTimes.com

A US judge ruled on Friday that 10 of 13 charges in a Securities and Exchange Commission ( SEC ) lawsuit against Binance and its former CEO Changpeng Zhao can proceed while the remaining three can be wholly or partially dismissed.  The SEC sued Binance, Binance US, and Zhao on June 5 last year, accusing them of mishandling customer funds, wash-trading tokens, and using Binance US as a regulatory distraction.  Binance subsequently argued that the digital asset industry wasn’t given fair notice of the SEC’s impending enforcement efforts and that they would constitute a ‘power grab.’  However, Judge Amy Berman Jackson refused the request, pointing out that the SEC’s enforcement doesn’t reflect ‘enormous and transformative’ regulatory authority that’s enacted without congressional approval. She added that the crypto industry has been on notice since the SEC warned firms to comply with its federal SEC urities laws, finding “no violation of du...

Binance kept Binance US customers’ deposits in Axos Financial, the same bank used by convicted fraudster Reggie Fowler of Crypto Capital Corp, now-bankrupt Prime Trust, and InfoWars’ Alex Jones. However, despite a dubious client list, Axos hasn’t considered its exposure to the crypto industry as a relevant “risk factor” in its quarterly Securities and Exchange Commission (SEC) 10-K filings. But there are more red flags waving over Axos Financial like the fact that Prime Trust and Binance US’ parent company BAM Trading were Axos customers at the same time. But not only that: Prime Trust employed Ponzi-like business practices of using other customers’ assets to fulfill withdrawal requests to hide losses. Prime Trust filed for bankruptcy and its CEO admitted to losing $8 million in the Terra LUNA pyramid scheme. The SEC is suing Binance US’ founder for a litany of federal law violations. The SEC is also suing Terra founder Do Kwon and recently requested that he be extradited ...