THE HASH: SEC Sues Binance CEO Zhao Over Alleged Securities Violation While Teng Is Appointed to New Role

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4.7 • 698 Ratings

🗓️ 5 June 2023

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by PayPal The most valuable crypto stories for Monday, June 5, 2023. "The Hash" unpacks today's top stories moving the crypto markets: The Securities and Exchange Commission (SEC) sued crypto exchange Binance and its CEO Changpeng "CZ" Zhao on allegations of violating federal securities laws Monday. Meanwhile, Richard Teng has been appointed to oversee Binance’s regional markets outside the U.S. Plus, centralized storage and wallet service Atomic Wallet was drained of nearly $35 million worth of various tokens. And, Volcano Energy announced $1 billion in commitments to build a 241 megawatt (MW) bitcoin mine in the Metapán region of El Salvador. See also: SEC Sues Crypto Exchange Binance, CEO Changpeng Zhao Over Multiple Securities Violation Allegations El Salvador's Volcano Energy Secures $1B in Commitments for 241 MW Bitcoin Mine Binance Hands Rising Star Teng Key Role to Replace CEO Zhao at Largest Crypto Exchange PayPal provides a secure and convenient platform for converting dollars into crypto. Start exploring new web3 applications with peace of mind knowing that PayPal has your back. Buy, Sell, Hodl, Transfer, Send, and Checkout with Crypto. All with PayPal. Get started today at PayPal.com/crypto. - This episode has been edited by senior producer Michele Musso and the executive producer is Jared Schwartz. Our theme song is “Neon Beach.” See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of The HASH is sponsored by PayPal.
0:10.6	This is the HASH podcast.
0:13.2	Stay informed with the latest on Bitcoin, ETH, The Metaverse, Web3, and more.
0:18.5	All on the Hash for your ears.
0:21.9	You're listening to the Coin Desk Podcast Network.
0:26.2	Hey there.
0:27.3	Welcome to The Hash on Coin Desk TV and the Coin Desk Podcast Network.
0:30.7	I'm Zach Seward.
0:31.9	That's Wendy O, Jen Sanassie, Will Foxley.
0:34.6	And we have some breaking news.
0:37.4	Some big news. Just came out. Major developing story,
0:40.5	SEC sues Binance. That's the world's largest crypto exchange now squarely within the sites
0:46.3	of the U.S. securities regulator. Now there are 13 charges here, many of which stem from the trading
0:51.5	of what are alleged to be unregistered securities, in addition
0:55.0	to some other alleged misdeeds on the part of Binance and key executives.
1:00.5	A lot to unpack here.
1:01.8	I'm going to toss it to Wendy O for her initial thoughts.
1:03.8	Wendy, what do you think?
1:04.5	So I do think that this was kind of expected because the SEC loves to go back retroactively
1:08.9	and punish people for alleged bad things they did when
1:12.9	they're too lazy to go ahead and institute any types of laws, regulations or guidelines.
1:17.0	But what's very interesting about this story is Patrick Kilman, who is the chief comms officer
	...

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