U.S. regulators sued Binance and its CEO Changpeng Zhao on Monday for allegedly operating a "web of deception," piling further pressure on the world's biggest cryptocurrency exchange and sending bitcoin to its lowest level in almost three months.
The Securities and Exchange Commission (SEC) complaint, filed in a federal court in Washington, listed 13 charges against Binance, Zhao and the operator of its purportedly independent U.S. exchange.
The SEC alleged that Binance artificially inflated its trading volumes, diverted customer funds, failed to restrict U.S. customers from its platform and misled investors about its market surveillance controls.