In short: The SEC has filed a lawsuit against Binance CEO Changpeng Zhao over alleged unregistered securities operations. They have requested permission to serve CZ lawyers alternatively with a court summons. The SEC has also asked the District Court to order a "sworn accounting" from Zhao and Binance to disclose their financial data. Meanwhile, CZ has stated that he won't have to appear in person, assuring that it is simply part of the SEC complaint process.
Our quick analysis:
There's a new game of cat and mouse in town, and the SEC is playing it with none other than Changpeng Zhao, the CEO of Binance. Rumours have it that he could be in Dubai, or perhaps even France, but there is no way to know for certain. It seems that the SEC is having a difficult time serving him a court summons for alleged unregistered securities operations, so they are now seeking alternative ways to get through to him.
In a recent filing to the US District Court in Washington DC, the SEC asked for "alternative service" since typical service might be challenging in this case. The SEC is also requesting that Zhao and Binance deliver a "sworn accounting" of their financial data immediately. However, it seems that the SEC is having difficulty determining the full extent of the defendant's assets and location of investor funds. BAM Trading's "inability to provide accurate information" regarding Zhao's whereabouts or the company's "location abroad" is just complicating things further.
While the SEC is trying to get through to CZ, the CEO himself seems unfazed by the whole ordeal. In a recent tweet, he acknowledged that this is just part of the SEC complaint process and that he won't have to appear in person. So much for FUD!
It's clear that the SEC is playing a game of cat and mouse with CZ, and as of now, it's uncertain who will come out on top. One thing is for sure, though - the elusive Binance CEO remains the talk of the town. Keep your eyes peeled, folks, this is just the beginning.
The post SEC seeks alternative ways to serve Changpeng Zhao after failing to get him appeared first on CoinJournal.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
There's a new game of cat and mouse in town, and the SEC is playing it with none other than Changpeng Zhao, the CEO of Binance. Rumours have it that he could be in Dubai, or perhaps even France, but there is no way to know for certain. It seems that the SEC is having a difficult time serving him a court summons for alleged unregistered securities operations, so they are now seeking alternative ways to get through to him.
In a recent filing to the US District Court in Washington DC, the SEC asked for "alternative service" since typical service might be challenging in this case. The SEC is also requesting that Zhao and Binance deliver a "sworn accounting" of their financial data immediately. However, it seems that the SEC is having difficulty determining the full extent of the defendant's assets and location of investor funds. BAM Trading's "inability to provide accurate information" regarding Zhao's whereabouts or the company's "location abroad" is just complicating things further.
While the SEC is trying to get through to CZ, the CEO himself seems unfazed by the whole ordeal. In a recent tweet, he acknowledged that this is just part of the SEC complaint process and that he won't have to appear in person. So much for FUD!
It's clear that the SEC is playing a game of cat and mouse with CZ, and as of now, it's uncertain who will come out on top. One thing is for sure, though - the elusive Binance CEO remains the talk of the town. Keep your eyes peeled, folks, this is just the beginning.
The post SEC seeks alternative ways to serve Changpeng Zhao after failing to get him appeared first on CoinJournal.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!