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Earlier today, the SEC sued Binance and its founder Changpeng Zhao, alleging Binance operated unregistered securities exchanges, broker-dealers, and clearing agencies, and unlawfully offered and sold unregistered crypto securities, including BNB, BUSD, crypto-lending products, and a staking-as-a-service program.  The complaint may be found here

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The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.

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Philip Moustakis | Partner

Philip Moustakis is partner in the Government Enforcement & Internal Investigations and Blockchain & Cryptocurrency practice groups. Philip advises companies and individuals on SEC enforcement matters, other regulatory enforcement investigations, internal investigations, and blockchain-based solutions and digital assets.

Philip has represented investment managers and other financial services clients in SEC investigations involving, among other things, insider trading, market manipulation, valuation, fees and expenses, conflicts of interest, breaches of fiduciary duty, whistleblowers, and compliance and supervisory failures. Philip has advised blockchain and cryptocurrency clients on token offerings, non-fungible tokens (NFTs), and the development of decentralized finance (DeFi) solutions. Philip is quoted frequently in the press on securities law issues affecting private fund managers and blockchain companies.