Binance CEO CZ was subpoenaed by the US District Court.
The SEC has sued Binance and CEO CZ. However, CZ was summoned by the US District Court to testify in court.
Binance CEO CZ Summoned by US District Court
The United States District Court in Washington DC issued a subpoena for Binance CEO Changpeng Zhao on June 7, just two days after the Securities and Exchange Commission (SEC) filed a lawsuit alleging unregistered securities transactions.
The subpoena states, “A lawsuit has been filed against you,” to CZ. While details are limited at this time, it appears that the subpoenas have not yet been delivered or have not responded to urgent requests for information by the SEC or Binance. While CZ is not required to go to court in person, he is legally required to respond to subpoenas after they have been served.
According to the subpoena, Binance and CZ will have 21 days to respond. The subpoena states, “If you do not respond, your requested eviction will be awarded a default judgment against you.” article was included.
The SEC’s lawsuit, announced on June 5, has 13 charges against Binance. These accusations include issues such as unregistered sales of products and services, a cryptocurrency staking program, and the company’s alleged failure. Binance disputes the SEC’s claims and argues that the company’s business model cannot be compared to previous stock market failures.
