Binance’s legal troubles are set to worsen, believes John Reed Stark, former chief of the Securities and Exchange Commission (SEC) Office of Internet Enforcement. As per Stark, the U.S. Department of Justice is likely working behind the scenes to bring criminal charges against Binance and its executives.
In March, Binance and its CEO, Changpeng Zhao, faced a lawsuit by the Commodity Futures Trading Commission (CFTC). The Securities and Exchange Commission (SEC) recently filed a separate lawsuit against the exchange and Zhao.
Stark tweeted on June 12:
“Having worked in the US SEC Enforcement Division for almost 20 years and managed many US SEC-DOJ joint prosecutions, IMHO [in my honest opinion], there exist a litany of indicators that US DOJ will file, or has already filed under seal, a Binance-related criminal indictment.”
According to Stark, both the CFTC and the SEC’s lawsuits against Binance “read more like criminal indictments, replete with allegations of fraud, deception
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