Despite not being a party to Binance recent settlement, the SEC argued on Friday that the federal court in Washington hearing its case should consider the admissions made by Binance and its former CEO, Changpeng Zhao, in the November 21 settlement. Both Binance and CZ have sought the court’s dismissal of the SEC’s lawsuit.
Binance recent settlement with the US government concluded extensive investigations by the Justice Department, various arms of the Treasury Department, and the Commodity Futures Trading Commission. Notably, the agreement did not encompass the SEC, which had separately sued Binance and CZ in June for alleged mishandling of customer funds, misleading investors and regulators, and violating securities rules.
Changpeng Zhao, who recently pleaded guilty to a Bank Secrecy Act violation, is scheduled for a court appearance in February 2024. His release on a $175 million personal recognition bond, backed by cash in escrow and guarantors pledging around $5 million in assets, initially allowed him to return to the UAE, where he resides with his children and partner. However, prosecutors argued against this, citing flight risk concerns, and urged restrictions on his travel outside the U.S.
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