(2022)
SEC v. Binance (2023)
Year
2022
Criminal or Civil
Civil
Year Resolved
N/A (as of 2025)
Jurisdiction (Court/State)
U.S. District Court for the District of Columbia
Filed By
U.S. Securities and Exchange Commission (SEC)
Penalty/Fine (USD)
Pending – Case ongoing; no final penalty or settlement as of the latest public disclosure
Lawsuit Overview
The SEC filed 13 charges against Binance Holdings Ltd., BAM Trading Services, BAM Management, and founder Changpeng Zhao for operating unregistered exchanges, broker-dealers, and clearing agencies; misleading investors; and offering unregistered securities like BNB, BUSD, and staking/lending products. Allegations include commingling of user funds, wash trading, market manipulation, and evading U.S. laws.
Category
Unregistered Securities Offerings, Market Manipulation, Investor Misrepresentation, Operating Unregistered Exchange/Broker/Clearing Agency
Notable Individuals Involved
Changpeng Zhao (Founder & CEO, Binance)
SEC Chair Gary Gensler
Gurbir S. Grewal (Director of Enforcement)
Binance compliance officers
Sigma Chain & Merit Peak entities (owned by Zhao)
Investor Loss Estimate
Not specifically quantified, but the SEC notes that Binance earned $11.6 billion in fees (including from U.S. users) and mishandled investor funds, exposing users to undisclosed risks and potential loss.
Final Outcome
Ongoing – No judgment or settlement finalized yet
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