Binance asks court to make SEC comply with rules of conduct after ‘misleading’ press release

Jun. 21, 2023

By Mike Dalton

The SEC said that Binance and its CEO were able to commingle and divert customer funds — something that courts have not determined.

Binance-related companies asked courts on June 21 to prevent the U.S. Securities and Exchange Commission (SEC) from making misleading statements.

Binance’s filing notes that, on June 17, the companies reached an agreement with the SEC regarding a consent order that dictates how Binance.US can use its funds.

However, almost immediately after that agreement, the SEC published a press release that the Binance companies call misleading.

SEC press release

The SEC’s press release claims that Binance and its CEO, Changpeng Zhao, had control of certain customer assets and that those parties were able to “commingle” or “divert” customer assets.

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