According to the press release from WSJ, the Securities and Exchange Commission (SEC) keeps searching for proof of potential fraud at Binance US. SEC is of the opinion that Binance (top crypto exchange) and its founder Changpeng Zhao (CZ) may have a backdrop to the control of people's assets stored on the platform, thereby putting users' funds at risk.

While Binance was sued in June by the SEC over claims that the platform operated an illegal securities exchange, the charge brought in by the Department of Justice (DOJ) against CZ (to which he pleaded guilty) gives more room for the SEC to believe that Binance might follow the suit of FTX's fraud.

After many bargains for settlement, Binance has finally accepted to pay $4.3B after the government refused the initial $4B initial offer. Following this, CZ has stepped down as the CEO, while Richard Teng comes in as the new chief.