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Friday, March 29, 2024

CZ Gets Court Summons, Coinbase Undecided on Delisting Assets Following SEC Complaint

A US court has slapped Binance CEO Changpeng Zhao, otherwise known as CZ, with a summons on behalf of the Securities and Exchange Commission (SEC). The agency has hurled accusations against Binance of securities law violations, including offering unregistered services and misleading investors. Even so, Coinbase remains undecided on delisting the alleged violator’s assets.

The crypto industry took note as US officials hit Binance’s CEO with a lawsuit amid an intensifying crackdown. The US court addressed the summons to his residence in Malta, where Binance was previously headquartered. Little other information is available at present.

CZ Receives a Summons

The document says Zhao has to respond within 21 days. Although, this does not necessarily mean he will have to appear in person. Zhao is a citizen of Canada and not the United States.

Binance, the world’s largest cryptocurrency exchange by trading volume, and its CEO, face 13 charges of violating securities laws from the SEC.

The SEC accuses Binance and CZ of an array of violations. The most serious include offering unregistered services and misleading investors. Not to mention lying about trading controls, commingling customer assets, and engaging in manipulative trading.

Despite claims of independent operations, the SEC also alleges that CZ and Binance secretly controlled Binance.US.

Learn about one of the most consequential crypto court cases in history:

Everything You Need To Know About Ripple vs SEC

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source: https://beincrypto.com/cz-summons-coinbase-delisting-sec-complaint/