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Binance Redirected $12B to Firms Controlled by CEO Changpeng Zhao, SEC Says

SEC says billions in customer funds were directed to Zhao’s firm Merit Peak via a holding company called Key Vision Development Limited.

Changpeng Zhao, commonly known as "CZ", founder and CEO of Binance, at Davos in 2023. (Casper Labs)
Changpeng Zhao, commonly known as "CZ", founder and CEO of Binance, at Davos in 2023. (Casper Labs)