The Securities and Exchange Commission (SEC) is investigating the relationship between the US branch of cryptocurrency exchange Binance and two trading firms that have ties to Binance CEO Changpeng Zhao, as reported by The Waall Street Journal. The two firms, Merit Peak Ltd. and Sigma Chain AG, serve as market makers that continually buy and sell crypto on Binance.US, helping to lower price volatility.
The SEC is particularly concerned with the way Binance discloses its ties to the two trading firms, WSJ reports. On the Binance.US website, the crypto exchange tells users that affiliated market makers can trade on the platform. However, it doesn’t name specific firms.
The...
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