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SEC claims Binance spent commingled funds on $11M yacht

Declarations from the SEC allege that funds were withdrawn from Binance-controlled accounts to purchase an $11 million yacht and a plane.

Explained: How Binance’s stablecoin BUSD can be a security

In its lawsuit against Binance, the SEC has clearly explained for the second time how a stablecoin can be offered to investors as a security.

The SEC has brought a lawsuit against Binance, alleging it mishandled customer funds, sold unregistered securities, and failed to register.

The total number of cryptos the SEC classes as securities now totals 61. It added 16 when it charged Terraform Labs with fraud in February.

Bank records and company DMs reveal that Binance US had no control over its own bank accounts held at Silvergate between 2019 and 2020.