The CEO of Binance, Changpeng Zhao, has received a court summons from the United States authorities, in the midst of a legal battle that the Securities and Exchange Commission (SEC) has initiated against the company. popular cryptocurrency exchange platform. The SEC accuses Binance and its CEO of allegedly violating the country’s securities laws.
The legal action was launched on Monday, June 5, 2023, when the SEC filed a lawsuit in a United States District Court. The next day, the commission sent a petition to the court to freeze Binance’s assets in the country, with the aim of “protecting” investors on the platform.
The court summons addressed to Changpeng Zhao was shared today, June 7, 2023, by Fox News journalist Eleanor Terrett through her Twitter account. The document issued by the US District Court also lists other Binance-related entities named in the lawsuit.
🚨NEW: @binance CEO @cz_binance has been ordered to respond/answer the summons of a US District Court along with the other entities named in the lawsuit.
He does not have to appear in person but respond within the time frame below 👇🏼 https://t.co/UipLm9TRye
— Eleanor Terrett (@EleanorTerrett) June 7, 2023
Importantly, the subpoena does not require Zhao to appear in person, but does require a response within the time frame stipulated in the document. This means that the Binance CEO will have to take legal action and present his defense against the accusations raised by the SEC.
As the legal battle unfolds, further developments and more details on the specific SEC allegations against Binance are expected to follow, as they could directly influence the price of BNB and the broader cryptocurrency market.