
Binance Accused by SEC of Redirecting $12B to Companies Owned by CEO Changpeng Zhao
Binance, one of the world’s largest cryptocurrency exchanges, and its CEO Changpeng ‘CZ’ Zhao, along with Guangying ‘Helina’ Chen, are facing serious allegations by the Securities and Exchange Commission (SEC). According to court documents, the SEC claims that billions of dollars of customer funds were received by Zhao and Chen through their holding company. The regulatory body has presented evidence suggesting that the funds were funneled through an intermediary holding company called Key Vision Development Limited. Details of the Allegations: Testimony provided by Sachin Verma, an accountant employed by the SEC, forms a crucial part of the regulator’s case. The