The US Securities and Exchange Commission headquarters in Washington, DC.
Photographer: Andrew Harrer/Bloomberg
For any trading venue, volume is the coin of the realm. But over at Binance.US, the American exchange that operates under BINANCE Holdings Ltd.’s branding, that currency was being counterfeited, federal regulators alleged Monday.
From at least September 2019 until June 2022, a Swiss-incorporated trading firm owned by Binance founder Changpeng ‘CZ’ Zhao called Sigma Chain allegedly engaged in “wash trading,” making it seem like many more tokens were changing hands on Binance.US than actually were.
