The filing also says that Binance concealed the fact that it commingled billions of dollars in customer assets that were sent to Merit Peak, another third-party entity owned by Zhao.Īs part of its lawsuit, the SEC has labeled 12 tokens as securities, but said that list is not exhaustive.

The SEC has alleged that customer funds were illegally diverted to Sigma Chain, a trading entity controlled by Zhao, and used to engage in fraudulent trading that made Binance’s volume appear larger than it actually was. dollars while placing investors’ assets at significant risk.” “In so doing, Defendants have enriched themselves by billions of U.S. “This case arises from Defendants’ blatant disregard of the federal securities laws and the investor and market protections these laws provide,” the lawsuit said. “As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied.”Īccording to the court filing by the SEC, the regulator has charged Binance and its CEO with operating an illegal platform in the U.S. “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” said SEC Chair Gary Gensler. crackdown on crypto intensified on Monday as the Securities and Exchange Commission (SEC) filed a lawsuit against Binance, the world's largest cryptocurrency exchange, and its CEO, Changpeng Zhao (CZ). Receive a comprehensive recap of the day's top stories directly to your inbox. With Valhalla, Floki Inu tries to follow the path forged by games like Axie Infinity ( AXS) that popularized playing and earning on the blockchain through games.Get all the essential market news and expert opinions in one place with our daily newsletter. Players will be able to capture and battle with creatures called Vera, and the game will also have a gardening system where players can tend to their crops, which can later be sold as NFTs. The team plans to take successful elements from games like Pokémon and Skyrim and incorporate them in Valhalla. Floki Inu envisions it to be a play-to-earn gaming metaverse, where you can earn rewards for battling and trade or hold on to assets obtained in the metaverse.

Its main flagship product is the NFT gaming metaverse called Valhalla. The team’s long-term vision is to create an autonomous and decentralized ecosystem, including strategic partnerships, building utility on the token itself, and developing use cases for the Floki brand through NFTs, games and decentralized finance features. Floki has also partnered with leading crypto projects that include Chainlink, Trader Joe, ApeSwap for its FlokiFi Locker digital asset locker protocol.įloki is also sometimes referred to by some as 'Floki Inu'.įloki wants to set itself apart from other meme coins by combining the memes with utility. Floki vows to take its community efforts seriously and has been listed several times in the Top 10 of LunarCrush’s social engagement leaderboards. The community calls itself the “Floki Vikings” in honor of Floki (Musk’s dog) that was named after a Viking character.

A content and education platform called University of Floki.

An NFT and merchandise marketplace called FlokiPlaces.

A suite of decentralized finance products launched under the 'FlokiFi' umbrella.

An NFT gaming metaverse called Valhalla.

Floki Inu is working on “four flagship utility projects:” Musk is a prominent fan of Dogecoin, although he publicly denied owning any SHIB. It is a cryptocurrency birthed by fans and members of the Shiba Inu ( SHIB) community and is inspired by (and named after) Elon Musk’s Shiba Inu. Floki (FLOKI) is the people's cryptocurrency and the utility token of the Floki Ecosystem.

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