[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"6a02ae73-6e16-4357-b33b-f1f3e3a40b1b","updated_at":"2023-06-08T08:55:13.381129+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"The SEC has summoned Zhao, urging him to appear in the U.S. District Court of the District of Columbia within 21 days as per the issued order.","sapo":"The U.S. Securities and Exchange Commission (SEC) has issued a summons order to Zhao, requesting his appearance in the U.S. District Court of the District of Columbia within 21 days from the date of receipt.","title":"CZ Binance is Summoned to Appear in Columbia Court","content":"

According to a recent tweet by Fox Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has compelled Changpeng Zhao, the CEO of the Binance cryptocurrency exchange, to make a court appearance.

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According to the summons document shared by Terrett, Zhao and his affiliated companies have a 21-day timeframe to respond upon proper delivery. Failure to respond within this period will result in a default judgment being issued against Zhao and his companies.

SEC Lawsuit

Figure 01. SEC's summons order for the CEO of Binance. Source: Twitter.

As of the present moment, it remains unclear whether Zhao has officially received the court papers.

A default judgment could have significant ramifications for Zhao and Binance, encompassing possible fines, penalties, or regulatory measures that could potentially disrupt the operations of the cryptocurrency exchange.

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In a tweet, Zhao, commonly referred to as "CZ" in the cryptocurrency community, stated that the appearance notice is simply a component of the SEC's complaint process.

CZ further mentioned that he has been informed that there is no requirement for him to appear in person. He emphasized that there is no need for fear, uncertainty, and doubt (FUD).

The SEC's directive for Zhao to attend court serves as a clear indication of the growing regulatory attention towards the rapidly expanding cryptocurrency industry. As events unfold, market participants and observers will closely monitor Zhao's response and the potential ramifications for Binance and the broader crypto market.

","tags":[{"tag":{"tag":"CZ","id_tag":"cz"}},{"tag":{"tag":"Binance","id_tag":"binance"}},{"tag":{"tag":"SEC","id_tag":"sec"}},{"tag":{"tag":"Changpeng Zhao","id_tag":"changpeng-zhao"}}],"image":{"fileName":"_CZ-Binance-is-Summoned-to-Appear-in-Columbia-Court .png"}}]

CZ Binance is Summoned to Appear in Columbia Court

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