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SEC Seeks Alternative Methods To Serve Zhao’s Papers As He Is Deemed “Hard To Locate”


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Alex Lari

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The U.S. Securities and Exchange Commission (SEC) requests authorization from a federal court to employ “alternative” methods for delivering legal documents to Binance Holding Ltd. and Changpeng Zhao. This request is made based on the recognition that the executive is widely known to be “famously protective of revealing his whereabouts.”

After filing a lawsuit against the digital asset exchange Binance and its CEO, Changpeng Zhao, for securities violations, the agency has approached the District Court in the District of Columbia to seek permission for an alternative method of serving legal papers.

The request entails sending copies of the documents to the attorneys who previously represented Binance and Zhao during the investigation that ultimately resulted in the legal proceedings.

Read more on the subject : Bitcoin Plunges Below $26,000 As SEC Sues Binance

Binance has consistently maintained that it does not possess a centralized headquarters and operates with employees spread across various locations worldwide. Changpeng Zhao, a Canadian citizen of Chinese origin, is currently believed to be residing in Dubai.

He stated in a tweet that he was told he won’t have to appear in person:

In its recent filing, the agency stated:

Binance and Zhao are not the typical foreign entity and individual, as they are widely known for disagreeing with the premise of a headquarters or domicile, let alone identifying one, and Zhao is famously protective of revealing his whereabouts.

The SEC has taken legal action against Binance, Changpeng Zhao, and Binance U.S., an affiliated entity, citing a blatant disregard for U.S. securities laws.

The allegations include mishandling customer funds, misleading investors and regulators, and are part of a broader crackdown on the digital asset industry following numerous incidents, including the collapse of FTX exchange led by Sam Bankman-Fried.

Read more on the subject : Binance Launches Speculative Attack Against FTX, And Wins

In response, the SEC has filed an emergency action application seeking a temporary restraining order to freeze Binance U.S. assets. The aim is to “protect customer funds,” including the repatriation of investments held abroad.

Binance believes these allegations to be untrue, and describes them as “extremely aggressive.”

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