长推：详细解读SEC的起诉CZ的文件内容

MarsBitPublicado em 2023-06-06Última atualização em 2023-06-06

Resumo

起诉的目标是3家Binance的实体+CZ本人

注：本文来自@Loki_Zeng 推特，其是@Foresight_News专栏作者，原推文内容由MarsBit整理如下：
找到了SEC的起诉文件
https://courtlistener.com/docket/67474542/v-securities-and-exchange-commission/

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描述：美国证券交易委员会提交了针对 BAM MANAGEMENT US HOLDINGS INC.、BAM TRADING SERVICES LIMITED、BINANCE HOLDINGS LIMITED、CHANNGPENG ZHAO 的投诉，即起诉的目标是3家Binance的实体+CZ本人
第一项指控：Binance在CZ的领导下提供证券的三项核心服务：交易所、经纪-交易商、清算。Binance意识到按照美国法律从事这些业务需要注册，但选择了不注册，以逃脱监管。
第二项指控：Binance and BAM Trading非法提供和销售未注册证券，包括BNB Vault、Staking、Simple Earn。用户没有完全获取实际信息，包括潜在的风险。
注：这一条指控类似之前对Gemini的指控
第三项指控：Binance and BAM Trading对Binance US做出了虚假称述。并藉此获得了大约2亿美元的投资和数十亿美元的交易额。

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SEC认为，Binance从2018年开始通过一个多步计划逃脱美国监管。 Binance CCO承认：【我们永远不希望Binance受到监管】

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Binance成立了BAM Management 和BAM Trading两家主体用于Binance US的运营。尽管名义上独立，但CZ和Binance仍保持对Binance US的控制直到2020年11月。
BAM Trading 的时任CEO曾向Binance的CFO表示，【整个团队（BAM Trading）被当成了傀儡】

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SEC认为尽管自19年US站成立后，Binance一直在宣成Binance主站 不服务美国用户，并采取了相关措施避免。
但在实际行动上，CZ指示币安秘密协助某些【高净值用户】摆脱限制。
SEC认为CZ的目的是【不会使得监管找麻烦】的同时【减少损失】

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这种做法使得数十亿美国投资者的资金被置于风险之中，由Binance和CZ直接控制。
Binance和CZ拥有自由转移资金的能力，它们也这样做了，例如，2个平台（Binance US和Binance）的资金被转移到同一个实体（Merit Peak Limited），并在之后转移到了第三方地址。

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注：这解释了之前【币安混合用户资金】的传闻，关键点不在于【用户资金】，而在于这些资金属于Binance US的美国投资人。
第10条是对CZ的谴责，不重要。
BAM Trading and BAM Management声称监控（上文没说是什么监控）是为了避免Binance US上的市场操纵行为。

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但SEC认为BAM Trading and BAM Management未能实施有效的交易监视或操纵交易控制（按照这里说的，前文的【监控】应该指的是合规层面的内控工作）。
SEC认为那些有效的措施都不存在，存在的都是无效的措施。

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至少能够确定的一点是：CZ控制的Sigma Chain AG在Binance在2019-2022年期间从事虚假交易，夸大了Binance US的交易量。
SEC最后总结：
依据《证券法》和《交易法》，CZ和上述的几家公司违反并将继续违反：
1）发行和销售未注册证券
2）在Binance平台上影响未注册证券的交易
3）组合核心证券市场功能并故意逃避登记
4）明显违反利益冲突原则
注：有说法称是13条指控，指的是SEC一共总结了13条，不是说有13条罪名
相关主体架构

binance


Binance2019年的内部报告显示其有147万名美国用户，有3500名【VIP】，这些VIP提供了大量的交易量和流动性

binance


接下来详细介绍了Binance的顾问和CZ的规避方法，包括让美国使用VPN、使用新的KYC等... 到2021年5月，美国VIP仍占据币安VIP交易量的63%。

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SIGMA CHAIN的刷量占比，最高占到日交易量的35.5%

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详情中还提到了发行的BNB和BUSD都是未注册证券，CZ的许多公开发言甚至6年前的论坛发言也被当做佐证的一部分.
除了BUSD和BNB以外，Binance和Binance US还提供其它【未注册证券】的交易,包括： SOL/ADA/Matic等

binance


总结：性质上还是民事诉讼，最坏情况就是关停Binance US，Binance主站彻底退出US市场，并且罚款。
关于理财/Staking认定为证券可以参考Coinbase/Gemini的案子。
如果这几项指控成立，罚金预计不会低，但大概率也就仅此而已。
补充另外一个维度的数据：2022财年SEC共发起760项执法行动，下令支付总额为64.39亿美元。

binance


关于1100万美元的游艇：原文说的是在2021年，至少145M资金从BAM Trading转到Sigma Chain，另外45M资金从信托账户转到Sigma Chain。
然后SigmaChain用1100万美元买了游艇。没有一句话表明这1100万是客户的钱，拿自己/自己实控公司的钱买游艇有啥问题？

binance

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