从2017年7月开始，在Zhao控制下，Binance.com和Binance.US作为交易所、经纪人、交易商和清算机构在运作从美国客户的交易费等方面获得了至少116亿美元的收入。

SEC认为，

（2）关于Binance.US，Binance和BAM Trading本应注册为交易所和清算机构；

以及（3）BAM Trading本应注册为经纪人和交易商。

SEC还称，被告清楚地知道美国法律要求对这些功能进行注册，但他们还是选择不注册，这样他们就可以逃避旨在保护投资者和市场的重要监管。Zhao作为控制人对Binance和BAM Trading的注册违规行为负有责任。

2.3. 永久禁止被告和他们控制的任何实体直接或间接使用州际商业手段或工具来

随着区块链技术的发展和越来越多的公司试图将其应用于各种行业，监管机构的严格监管变得越来越重要。如果SEC的指控获得支持，这可能导致其他加密货币交易所和区块链公司受到类似的调查和起诉。币安的案子将在未来几个月内进一步发展。这项起诉可能会对加密货币市场和整个区块链行业产生深远影响，值得密切关注。

对于华人Web3行业人员而言，从2017年九四公告之后中国大陆就禁止了虚拟货币交易所。而今年的6月1日，香港正式开闸了VASP的申请。未来在香港VASP的合规运营必须考虑本案的影响。其原因在于，各个司法区域对于Web3的监管具有明确趋同性。可以肯定的说，所有的相关监管层都在研究本案的起诉书。

3.1. 根据我们对起诉书的研究，我们注意到如下几点值得大家思考

SEC在352条中指出，Since the Binance Platforms launched, Defendants have made available for trading on them crypto assets that are offered and sold as investment contracts, and thus as securities. This includes, but is not limited to, BNB, BUSD, and the units of each of the crypto asset securities further described below—with trading symbols SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI (collectively, the “Crypto Asset Securities”).  SEC明确地指出BNB、BUSD、SOL、FIL等诸多token均为证券。而且，SEC在起诉书中多次提及了豪威测试的原则。

SEC在起诉书中指出，Moreover, Defendants understood the importance to crypto asset investors of implementing trading surveillance and controls over crypto trading platforms. Zhao himself stated in 2019 that “CREDIBILITY is the most important asset for any exchange! If an exchange fakes their volumes, would you trust them with your funds?”  可以看到，SEC对于项目调查的深入性。调查目标的每一次公开发言都可能被监管机构关注并有可能作为调查证据。

SEC的另一个指控也很重要。The Binance Platforms were founded and are maintained and operated by an opaque web of corporate entities, including those identified below, all of which are beneficially owned and controlled by Zhao, Binance’s Chief Executive Officer (“CEO”) and, at least through March 2022, the Chairman of BAM Trading’s and BAM Management’s Boards of Directors. Binance operates through a number of subordinate or affiliated entities, in multiple jurisdictions, all tied to Zhao as the beneficial owner. Zhao has been publicly dismissive of “traditional mentalities” about corporate formalities and their attendant regulatory requirements. He has refused to identify the headquarters of Binance, claiming, “Wherever I sit is the Binance office. Wherever I meet somebody is going to be the Binance office.” According to Zhao, the concept of a formal corporate entity with a headquarters and its own bank account is unnecessary: “All of those things doesn’t have to exist for blockchain companies.” Notably, however, billions of dollars from the platforms flowed through dozens of Binance and Zhao-owned U.S.-based bank accounts. Neither Binance nor any of its subsidiaries or affiliated entities have ever been registered with the SEC in any capacity. 因此，在Web3领域，所谓的去中心化因而不受“世俗”法规限制、所谓的Code is Law、所谓的区块链业务不需要公司和牌照，这都属于掩耳盗铃而非是真正的合规策略。

SEC的起诉书中甚至有币安内部高管之间的通讯记录。As Binance’s CCO bluntly admitted to another Binance compliance officer in December 2018, “we are operating as a fking unlicensed securities exchange in the USA bro.”。可以想象美国政府的调查深度和资源。

简单总结，只是获得VASP或者其他的资质证照并不能保证业务的完全合规。Web3项目有特殊性，必须要根据业务实质来针对性的设计和实施严格的合规策略，否则SEC以及其他司法区域的监管部门随时有可能会发起调查或者其他监管措施。

注：

1. Zhao和币安参与的非法提供和售卖证券违反了证券法的5(a) 和5(c)。

2. Binance充当了Binance.com平台的交易所、经纪人和交易商以及清算机构，却没有以任何此类身份注册，违反了证券法的第5节15(a)和17A(b) 。

3. 同样地，关于Binance.US平台，币安与BAM Trading一起作为交易所行事，BAM Trading作为经纪人行事，币安和BAM Trading各自作为清算机构行事。币安和BAM Trading各自作为清算机构行事，而没有以任何此类身份进行注册，违反了证券法的第5节15(a)和17A(b)。

4. 作为币安和BAM Trading的控制人，根据 《交易法》第20(a)条，Zhao违反了《交易法》第5条、第15(a)条和第17A(b)条。因为币安和BAM Trading在Binance平台上的违规行为。

5. 通过从事本起诉书中所述的行为，BAM Trading 和 BAM Management进一步通过重大虚假和误导性陈述获得金钱或财产，并从事对购买者进行欺诈或欺骗的交易、做法和商业活动。违反了《证券法》第17(a)(2)和(3)条。

注：感谢实习生Linda Li对本文的贡献。