{"id":19145,"date":"2023-06-09T09:53:20","date_gmt":"2023-06-09T09:53:20","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/senators-accuse-binance-of-lying-genslers-history-with-the-exchange-raises-eyebrows\/"},"modified":"2023-06-09T09:53:21","modified_gmt":"2023-06-09T09:53:21","slug":"senators-accuse-binance-of-lying-genslers-history-with-the-exchange-raises-eyebrows","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/senators-accuse-binance-of-lying-genslers-history-with-the-exchange-raises-eyebrows\/","title":{"rendered":"Senators Accuse Binance of Lying, Gensler\u2019s History With the Exchange Raises Eyebrows"},"content":{"rendered":"
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Recent developments have emerged following lawsuits by the Securities and Exchange Commission (SEC) against two of the globe\u2019s leading cryptocurrency exchanges. <\/p>\n

On June 5, the SEC filed a comprehensive lawsuit accusing Binance of mismanagement of customer funds and deception towards regulators and investors about its operations. The next day, the SEC leveled allegations against Coinbase for allegedly operating as an unregistered broker of securities, an unregistered exchange, and an unregistered clearing agency. <\/p>\n

Now, additional aspects of the Binance lawsuit have emerged, encompassing claims of deceptive practices from Binance and allegations aimed at SEC Chair Gary Gensler.<\/p>\n

U.S. Senators accuse Binance of lying<\/h2>\n

According to a June 8 Bloomberg <\/em>report, Senators Elizabeth Warren (D-Mass.) and Chris Van Hollen (D-Md) penned a letter to U.S. Attorney General Merrick Garland, indicating that Binance may have presented inaccurate information about its business practices. This misinformation, they allege, revolves around the independence of its affiliate, Binance.US, which Binance has claimed to be a distinct entity.<\/p>\n

In the letter, they wrote, \u201cBinance and its related entities have purposefully evaded regulators, moved assets to criminals and sanctions evaders, and hidden basic financial information from its customers and the public.\u201d<\/p>\n

\u201cWhile [Binance CEO Changpeng Zhao] has claimed that\u00a0Binance.US, is a \u2018fully independent entity,\u2019 in reality, he controls the company as a \u2018de facto subsidiary\u2019 of Binance,\u201d the letter continued. <\/p>\n

Previously in March, the senators had also led a bipartisan call for Binance to provide transparency about potentially \u201cillegal business practices.\u201d <\/p>\n

Binance has not responded to these allegations.<\/p>\n