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The Securities and Exchange Commission (SEC) complaint, filed in a federal court in Washington, D.C., listed 13 charges against Binance, Zhao and the operator of its purportedly independent U.S. The exchange has made it known that over 90% of the assets are at any given time stored in cold storage, with less than 10% in hot wallets. Binance and its CEO Changpeng Zhao on Monday for allegedly operating a “web of deception,” piling further pressure on the world’s biggest cryptocurrency exchange and sending bitcoin to its lowest in almost three months. A March report from CCData showed that Binance’s spot market share across top-tier exchanges fell in March for the first time in five months to 57.7% from 62.0% in February. Market players said the SEC’s allegations could hobble Binance, with the lawsuit likely to reverberate through the crypto industry. In a statement, Binance said it had “actively cooperated” with the SEC “from the start” and “respectfully disagree” with the SEC’s allegations. The SEC said billions of dollars in Binance customer funds were commingled, or mixed with corporate funds, in breach of U.S. The SEC complaint is the latest in a series of legal headaches for Binance, which was also sued by the U.S.