SEC Probes Binance and Binance.US for Unregistered Operations in the U.S.

FACTS

V. UNDER ZHAO’S CONTROL, BAM TRADING AND BINANCE PROVIDE EXCHANGE AND CLEARING AGENCY FUNCTIONS TO U.S. CUSTOMERS, AND BAM TRADING ALSO PROVIDES BROKERAGE SERVICES TO U.S. CUSTOMERS

209. The Binance.US Platform officially launched on September 24, 2019. Since that time, it has offered U.S. retail and institutional investors the opportunity to buy, sell, and transfer approximately 150 crypto assets, including crypto asset securities such as BNB.

210. Today, the Binance.US Platform is available in 46 U.S. states, this District, and 8 U.S. territories. It is one of the top five crypto asset trading platforms in the United States by daily trading volume. As of April 1, 2023, the Binance.US Platform made available approximately 150 crypto assets for purchase or sale, and its average 24-hour trading volume was valued at over $282 million.

211. In operating the Binance.US Platform, without registering in any capacity, BAM Trading and Binance, as a group of persons, function as an exchange, and they each also function as a clearing agency. BAM Trading also functions as a broker.