![]() The SEC’s allegations include that Binance misused customer funds and diverted them to a trading entity controlled by Zhao. It is under investigation for fraud and anti-money laundering in France, and last month the SEC accused the company and Zhao of widespread fraud and filed more than a dozen charges against both. ![]() Many payment providers, such as Paysafe - which processed its Euro-denominated bank transfers - are now dropping Binance as it faces headwinds in Europe, and around the globe. “They set it up in a place with weaker standards, and surprise, surprise, there's gambling in Casablanca.”Īnil Kashyap, advisor to the European Central Bank. Responding to questions about the payments to Zhao’s bank account, accusations of commingling customer funds and the private jet, Matthews denied the transactions indicated anything untoward, telling Forbes that “auditors issued unqualified opinions regarding 20 financial statements.” He added that Bifinity operates “in an open and transparent manner” and “manages the relationships with third party regulated payment providers and banks.” Simon Matthews, Binance’s PR director for Europe, told Forbes that the company “will defend position vigorously” against the class action claims. ![]() Bifinity, Zhao and his executives are now being accused in a previously unreported class-action lawsuit of making "materially false” statements that artificially inflated the publicly listed firm’s stock price. But the effort, which involved acquiring a Nasdaq-listed company with a British crypto license, collapsed. In addition, Forbes found, Bifinity was crucial to Binance’s attempts to get regulated in the United Kingdom - a key goal for Zhao that would have given Binance coveted legitimacy in a global financial hub.
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