As reported by Cointelegraph, the United States Securities and Exchange Commission (SEC) is looking for an “alternative service” from the US district court in Washington DC. It is believed that with this step they are expecting to file legal issues against Changpeng Zhao, CEO, Binance, a cryptocurrency exchange.
Sources revealed that on June 7, 2023, a case has been filed with the district court and the SEC asked for an alternative service.“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,” SEC explained.
According to Cointelegraph, the SEC was unable to find out the defendant’s assets, the exact location of investor money and the status or location of other assets which is expected to be used to fulfil the judgment against the accused.
Furthermore, SEC mentioned that it was “BAM Trading’s inability to provide accurate information” about the location of Zhao or the company’s “location abroad,” Cointelegraph concluded.
(With insights from Cointelegraph)
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