: BNB, BUSD, Simple Earn, and BNB Vault

Binance Holdings Ltd.

Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of investors of BNB, BUSD, Simple Earn, and BNB Vault.

If you invested in BNB, BUSD, Simple Earn, and BNB Vault and would like to join the prospective action, please click “Join This Class Action.”

If you invested in BNB, BUSD, Simple Earn, and BNB Vault you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of the case:

On June 5, 2023, the U.S. Securities and Exchange Commission (SEC) filed a complaint and issued a press release announcing that it had “charged Binance Holdings Ltd. (‘Binance’), which operates the largest crypto asset trading platform in the world, Binance.com; U.S.-based affiliate, BAM Trading Services Inc. (‘BAM Trading’), which, together with Binance, operates the crypto asset trading platform, Binance.US; and their founder, Changpeng Zhao, with a variety of securities law violations.”

Among other things, the press release announced that “[t]he Complaint also charges violations of critical registration-related provisions of the federal securities laws:

  • Binance and BAM Trading with operating unregistered national securities exchanges, broker-dealers, and clearing agencies;
  • Binance and BAM Trading with the unregistered offer and sale of Binance’s own crypto assets, including a so-called exchange token, BNB, a so-called stablecoin, Binance USD (BUSD), certain crypto-lending products, and a staking-as-a-service program; and
  • Zhao as a control person for Binance’s and BAM Trading’s operation of unregistered national securities exchanges, broker-dealers, and clearing agencies.”

Then, on July 24, 2023, The Wall Street Journal issued an article entitled “Some Binance.US Crypto Trading Was a Mirage, the SEC Alleges”, which discussed how the SEC has alleged that Binance inflated trading volumes at the direction of Changpeng Zhao in order to artificially raise asset values, a process known as “wash trading”.

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