The Crypto Roundup: 08 June 2023 | CryptoCompare.com

On June 7, a summons was issued to Binance CEO Changpeng Zhao by the U.S. district court in Washington, D.C. On June 5, the U.S. Securities and Exchange Commission (SEC) filed 13 charges against Binance Holdings Ltd., its U.S.-based affiliate BAM Trading Services Inc., and their founder, CZ; the charges include operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls and oversight on the Binance.US platform, and the unregistered offer and sale of securities.

The court-issued summons was clear, stating, “A lawsuit has been filed against you.” While the document does not demand CZ’s physical presence in court, it imposes a legal obligation for him to respond once the summons is served. 

Upon service of the summons, both Binance and CZ will have a 21-day period to respond. If they fail to provide a response within this timeframe, the court could enter a judgment by default against them, granting the relief demanded in the SEC’s complaint.

In response to the SEC’s charges, Binance issued a statement denying the allegations. The company insists that it is markedly different from other exchanges, particularly those that have experienced failures in the past. Binance staunchly refutes any implication that it misused consumers’ funds or manipulated collateralized borrowings.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/jun/08/