- Changpeng Zhao received a summons from the U.S. District Court of Columbia.
- The due of 21 days is given to appear before the court.
As soon as the major cryptocurrency exchange, Binance got sued by SEC on Monday, the U.S. District Court sent a summons to the current CEO of Binance, Changpeng Zhao. This has created a disruption in the crypto market that leads to the global crypto market capitalization falling at a 1.63% decrease compared to the previous day.
The court in the District of Columbia has raised a summons over a civil action against Binance’s CEO. The summons explains the 21 days time limit for Zhao once after receiving the summon an answer. The plaintiff’s attorneys appearing are named Matthew Scarlato, Jennifer L. Farer, and J. Emmett Murphy respectively.
The failure of a response from Changpeng Zhao would lead to default judgment on the relief demand mentioned in the complaint. Moreover, this summons has been signed by the Clerk Simone Logan of the respective court.
What Does Binance CEO Say?
Meanwhile, Zhao has replied to Eleanor Terrett, the journalist that this summons is a single part of the complaint process that the SEC has raised.
I was told this is just part of the SEC compliant process. Nothing new.
— CZ 🔶 Binance (@cz_binance) June 7, 2023
Also told I won't have to appear in person. No need to FUD. 🙏 pic.twitter.com/NYUlBCIirG
However, he clarified that there is ‘nothing new’ to which there is no FUD. Additionally, it informs the community that Zhao doesn’t have to appear in person rather he could send a response or answer to the summons of the U.S. District Court.
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