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SEC: CZ created BAM Trading and management company to evade US regulation, raising approximately $200 million from private investors.

According to a BlockBeats report on June 6th, the US SEC mentioned in the lawsuit against Binance that CZ and Binance had established BAM Management and BAM Trading in the United States to evade US regulation on CZ, Binance, and the Binance website. These entities publicly claimed to independently control the operation of the Binance.US platform. BAM Trading and BAM Management, controlled by CZ and Binance, falsely claimed to investors that they had implemented control measures over the Binance US platform. They raised approximately $200 million from private investors of BAM Management and attracted billions of dollars in trading volume from investors, both retail and institutional, who hoped to trade on the Binance US platform.

Correction/Report

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