paint-brush
SEC Claims that CZ's Control of Binance and BAM Trading Led to Regulatory Violationsby@secagainsttheworld
252 reads

SEC Claims that CZ's Control of Binance and BAM Trading Led to Regulatory Violations

by SEC vs. the WorldOctober 1st, 2023
Read on Terminal Reader
Read this story w/o Javascript

Too Long; Didn't Read

The SEC alleges that Zhao's control over Binance and BAM Trading resulted in regulatory violations, including Exchange Act Sections 5, 15(a), and 17A(b), concerning the Binance.US platform. This legal action seeks to address Zhao's liability in these alleged violations and their potential consequences.

People Mentioned

Mention Thumbnail
featured image - SEC Claims that CZ's Control of Binance and BAM Trading Led to Regulatory Violations
SEC vs. the World HackerNoon profile picture

SEC v. Binance Court Filing, retrieved on June 5, 2023 is part of HackerNoon’s Legal PDF Series. You can jump to any part in this filing here. This is part 66 of 69.

FACTS

IX. BINANCE AND BAM TRADING WERE REQUIRED TO BUT DID NOT REGISTER AS AN EXCHANGE, BROKER-DEALER, OR CLEARING AGENCY.


TWELFTH CLAIM FOR RELIEF

Violations of Exchange Act Sections 5, 15(a), and 17A(b)

(Against Zhao as Control Person over Binance and BAM Trading for the Binance.US Platform Violations)


549. The Commission realleges and incorporates by reference herein the allegations in Paragraphs 1-35 and 80-513.


550. As alleged above, Binance and BAM Trading violated Exchange Act Sections 5, and 17A(b), and BAM Trading violated Exchange Act 15(a) [15 U.S.C. §§ 78e, 78o(a), and 78q1(b)] in connection with their operation of the Binance.US Platform.


551. At all relevant times, Zhao was a control person of Binance and BAM Trading for purposes of Exchange Act Section 20(a) [15 U.S.C. § 78t(a)].


552. At all relevant times, Zhao exercised power and control over Binance and BAM Trading, including by managing and directing Binance and BAM Trading, and by directing and participating in the acts constituting Binance’s and BAM Trading’s violations of the securities laws.


553. By reason of the foregoing, Zhao is liable as a control person under Exchange Act Section 20(a) [15 U.S.C. § 78t(a)] for Binance’s and BAM Trading’s violations of Exchange Act Sections 5, 15(a), and 17A(b) [15 U.S.C. §§ 78e, 78o(a), and 78q-1(b)].



Continue Reading Here.


About HackerNoon Legal PDF Series: We bring you the most important technical and insightful public domain court case filings.


This court case 1:23-cv-01599 retrieved on September 6, 2023, from docdroid.net is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction.