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Despite Binance Holdings Ltd.’s recent $4.3 billion settlement with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC) is persisting with its case against the company and its founder, Changpeng Zhao. SEC says Binance, DOJ settlement supports case The SEC filed a lawsuit in June, claiming that Binance and Zhao were involved in deception, conflicts of interest, lack of disclosure, and evading the law. The SEC contends that admissions in the DOJ settlement support its case, urging the federal court in Washington to consider them. While Binance and Zhao seek dismissal, the SEC is determined to move its case forward. In the U.S. District Court for the District of Columbia, the SEC’s complaint alleges that Binance.com and Binance.US operated as unregistered exchanges, brokers, and clearing agencies, exposing investors to risks and conflicts of interest. SEC Chair Gary Gensler also alleges that Binance misled investors about risk controls...

SEC Chair on AI Regulation SEC Chairman Gary Gensler recently remarked that AI’s potential with respect to interference and disruption of market dynamics would attract the agency’s wrath. Speaking earlier this week before The National Press Club, the Chairman said terrible actors may seek to use AI to influence the US markets, or spook the public, which will attract an appropriate response from the commission. advertisement Unlike the discrepancy most people make, Gensler noted that ‘under the securities laws, fraud is fraud,’ irrespective of the format the fraud takes. Bad actors may seek to use AI to influence our mkts, or spook the public. Make no mistake, under the SEC urities laws, fraud is fraud. @ SEC Gov is focused on identifying & pro SEC uting any form of fraud that might threaten investors, capital formation, or the mkts more broadly. — Gary Gensler (@GaryGensler) July 20, 2023 Recommended Article...