{"id":405035,"date":"2023-06-06T10:31:36","date_gmt":"2023-06-06T10:31:36","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=405035"},"modified":"2023-06-06T10:31:36","modified_gmt":"2023-06-06T10:31:36","slug":"changpeng-zhao-and-justin-sun-team-up-to-handle-the-sec-lawsuit","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/changpeng-zhao-and-justin-sun-team-up-to-handle-the-sec-lawsuit","title":{"rendered":"Changpeng Zhao and Justin Sun Team Up to Handle the SEC Lawsuit"},"content":{"rendered":"

The US Securities and Exchange Commission (SEC) filed a lawsuit<\/a> against the world’s largest crypto exchange by volume, Binance<\/a>.<\/p>\n

Not only that, but the US securities watchdog also included the exchange’s CEO, Changpeng Zhao (CZ)<\/a>, accusing both of securities violations.<\/p>\n

After a lengthy silence, CZ finally addressed the matter in a tweet<\/a>, stating,<\/p>\n

Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits. We will issue a response once we see the complaint. Haven’t seen it yet. Media gets the info before we do.<\/p><\/blockquote>\n

Justin Sun stands with CZ and Binance<\/h2>\n

Among many people who responded to the tweet was Justin Sun, Tron’s founder and former CEO, who also acts as Huobi’s advisor.<\/p>\n

Sun expressed<\/a> his support for Binance and CZ, saying<\/p>\n

I wanted to take a moment to express my unwavering support for you. As one of my friends, I trust you and believe in your integrity. We are here for you!<\/p><\/blockquote>\n

Sun further added that Zhao’s approach and abilities are beyond reproach when it comes to the constantly-advancing crypto industry.<\/p>\n

He also described CZ as an upright, honest person, adding that he has wonderful leadership skills.<\/p>\n

He said that he is fully aware of Zhao’s dedication to advancing the crypto sector and that he has complete faith in Binance CEO’s capacity to navigate through this challenge.<\/p>\n

Furthermore, he intends to stand by CZ and support him no matter what happens.<\/p>\n

Binance intends to fight back<\/h2>\n

From the message, it is clear that Sun believes in Zhao’s innocence, adding that he is certain Zhao will be able to prove it.<\/p>\n

As for the exchange itself, it also stated that it intends to defend itself from the SEC lawsuit, and it refuses to settle.<\/p>\n

Sun’s message was only one of many supportive messages that Zhao received from the crypto community.<\/p>\n

However, the implications of Binance’s successful defense would be even more important.<\/p>\n

The US SEC has been filing lawsuits against countless crypto-related companies and projects. If Binance can prove that the SEC was wrong, this would be a booster for others facing the SEC lawsuit.<\/p>\n

It would also bring the SEC’s accusations against other crypto firms<\/a> into question.<\/p>\n

Even Sun and multiple projects related to him, such as Tron itself, have been sued by the US securities regulator<\/a>.<\/p>\n

The SEC filed a lawsuit against Tron back in March, and so far, the case remains open, as the settlement has not yet been reached.<\/p>\n

In other words, Justin Sun knows very well what it feels like to be targeted by the US regulator, which makes his message to CZ even more understandable.<\/p>\n

Related<\/h3>\n