Origins and allegations in the 2023 SEC lawsuit

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The June 2023 lawsuit by the SEC accused Binance and Binance.US of using wash trades to inflate trading volumes, misappropriating customer assets to firms owned by Changpeng Zhao, and falsely claiming to have effective market surveillance systems.
The SEC initially filed its lawsuit against Binance, Binance.US, and founder Changpeng Zhao in June 2023 for allegedly operating unregistered securities exchanges and misleading investors, but paused the case after Donald Trump resumed the U.S. presidency in 2025.
The SEC’s original legal action sought remedies including injunctive relief, disgorgement of Binance’s profits, and civil monetary penalties.

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