The world's largest cryptocurrency exchange Binance has been accused of violating US financial regulators' investment laws.
In order to maintain operations in the US, the company was accused by the Securities and Exchange Commission of engaging in a "web of deception," including the installation of "sham controls.".
It happens at a time when the US has promised to more aggressively regulate the cryptocurrency industry using its laws.
Changpeng Zhao, the CEO of Binance, claimed that his company was unaware of the allegations.
In a post on social media, he stated that his team was "standing by" to make sure that the platform's systems remained stable. The company, which operates a trading platform used to buy and sell Bitcoin and other cryptocurrencies, said it would respond once it had seen the complaint.
The SEC's lawsuit comes in response to the Commodity Futures Trading Commission's earlier complaint against Binance, which was made earlier this year.
