SEC Chair Gensler offered to advise Binance in 2019, lawyers say

SEC Chair Gensler

8th June 2023 – (Hong Kong) SEC Chair Gary Gensler offered to serve as an informal adviser to Binance’s parent company in 2019, according to documents filed by the lawyers for Binance and founder Changpeng Zhao. Gensler, who was teaching at the Massachusetts Institute of Technology’s Sloan School of Management at the time, met with Binance executives and Zhao for lunch in Japan later that month, the filing claims. Gensler was appointed head of the SEC in 2021 and has since come down hard on the crypto industry, suing numerous companies for allegedly selling unregistered securities. Earlier this week, the SEC filed 13 charges against Binance and Zhao, alleging the company failed to register as an exchange and broker-dealer, improperly commingled funds, and lacked critical internal controls over its businesses.

Binance’s lawyers said they had asked for Gensler’s recusal from any actions regarding the company, but received no acknowledgement from SEC staff.