American Securities and Exchange Commission Sues Binance, CEO For Breaking Securities Rules

The American Securities and Exchange Commission has taken Binance Holdings Ltd. and its Chief Executive Officer, Changpeng Zhao to court.

SEC sued Zhao and the company for breaking US rules, Bloomberg reports.

The suit filed at a federal court by the SEC accuses them of breaking US rules but Binance CEO, Zhao in a tweet, said they are yet to get an official notification and would issue a response once the firm receives the complaint.

He said, “Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits.

“We will issue a response once we see the complaint. Haven’t seen it yet. Media gets the info before we do.”

Following the news, the price of bitcoin has fallen declining 3.16% to $26,264 according to statistics from TradingView.