The U.S. Securities and Exchange Commission has accused the crypto-trading giant and its Chinese-Canadian CEO of misusing customer funds, attempting to evade regulatory oversight and running an illegal crypto exchange. (The Logic, CoinDesk)

Talking point: U.S. regulators continue to tighten the net they’ve been casting around Binance. In March, the Commodity Futures Trading Commission charged Binance and Zhao with offering derivatives trading to Americans without proper registration. The company is also reportedly under investigation by the Justice Department and Internal Revenue Service. In a statement, Binance said it is “disappointed” by the SEC suit, disputed allegations that customer assets were ever at risk and said it intends “to defend our platform vigorously.” In Canada, Binance is seeking to quash an inquiry by the Ontario Securities Commission into possible compliance violations from before the company exited the country.