There appears to be no end to Binance skirmishes with regulators around the world, as reports have emerged that the United States Securities and Exchange Commission is currently investigating its US arm based on ChangPeng Zhao’s connection with trading firms.
Binance US under SEC investigation
According to a Wall Street Journal report, the SEC is investigating the relationship between CZ and two trading firms, Sigma Chain AG and Merit Peak. The investigation, however, does not necessarily mean that there is any wrongdoing on the part of the firms or CZ.
While there is little to no public information about Merit Peak, Sigma Chain, on the other hand, is located in Switzerland.
WSJ sources stated that Zhao controlled both firms until last year when Chen Guangying became the president of Sigma Chain. A look at some of Binance’s corporate documents will reveal that Guangying has been listed as an executive director.
Per the report, the two trading firms act as market makers for Binanc
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