SEC sues world’s largest crypto exchange
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 6 June 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
US securities regulators yesterday sued the world’s largest crypto exchange and accused Binance of a host of violations, sliding German butter prices are spreading hope of lower food inflation, and global carmakers have been caught off guard by the speed of China’s shift to electric vehicles.
Mentioned in this podcast:
Crypto exchange Binance sued by SEC in latest blow from US regulators
Sliding German butter prices spread hope of lower food inflation
China’s car market has become a Darwinian battleground
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:10.3 | Good morning from the Financial Times. Today is Tuesday June 6th and this is your FT News Briefing. |
| 0:18.9 | US regulators are suing the world's largest cryptocurrency exchange. |
| 0:24.2 | Inflation-weary Europeans could find hope in German butter and global car makers face an |
| 0:31.1 | existential challenge in their biggest market. If they fail in China, that is a huge chunk of their |
| 0:39.0 | global revenue that will disappear with no guarantee of it coming back. I'm Sonya Hudson |
| 0:45.3 | in Firmark, Filipino, and here's the news you need to start your day. |
| 0:54.8 | The US Securities and Exchange Commission yesterday charged Binance with 13 violations. |
| 1:01.4 | This comes a few months after another US financial watchdog sued the big crypto exchange. |
| 1:07.6 | Here's the FT's Stefania Palma on the key charges against Binance and at CEO Changpeng Zhao. |
| 1:14.4 | The SEC is accusing Binance, essentially of operating an exchange, broker dealers, and |
| 1:21.8 | clearing agencies without having registered them with the SEC. In addition to that, the SEC is also |
| 1:29.7 | accusing Binance and Zhao that they had control of clients assets, but this also allowed them to |
| 1:39.7 | merge these assets or even divert them. In one case, the SEC is accusing the defendants of |
| 1:45.8 | actually moving billions of dollars to a crypto asset trading firm called Merit Peak Limited |
| 1:53.4 | that it's actually owned by Zhao. Binance says the SEC's allegations are baseless. |
| 2:01.2 | They are basically saying that they disagree with the SEC's allegations. Interestingly, |
| 2:07.3 | they argue that they had been cooperating with the SEC over a long period of time, |
| 2:13.2 | but that the SEC allegedly was rejecting attempts at engagements and went straight to course in |
| 2:21.3 | a way that surprised Binance. They ultimately are arguing as well that because of their size and |
| 2:28.8 | the fact that they are such a recognizable name that sort of Binance has become as they have |
... |
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