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The US Securities and Exchange Commission (SEC) filed a lawsuit against the world’s largest crypto exchange by volume, Binance.
Not only that, but the US securities watchdog also included the exchange’s CEO, Changpeng Zhao (CZ), accusing both of securities violations.
After a lengthy silence, CZ finally addressed the matter in a tweet, stating,
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.
Justin Sun stands with CZ and Binance
Among many people who responded to the tweet was Justin Sun, Tron’s founder and former CEO, who also acts as Huobi’s advisor.
Sun expressed his support for Binance and CZ, saying
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!
Sun further added that Zhao’s approach and abilities are beyond reproach when it comes to the constantly-advancing crypto industry.
He also described CZ as an upright, honest person, adding that he has wonderful leadership skills.
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.
Furthermore, he intends to stand by CZ and support him no matter what happens.
Binance intends to fight back
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.
As for the exchange itself, it also stated that it intends to defend itself from the SEC lawsuit, and it refuses to settle.
Sun’s message was only one of many supportive messages that Zhao received from the crypto community.
However, the implications of Binance’s successful defense would be even more important.
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.
It would also bring the SEC’s accusations against other crypto firms into question.
Even Sun and multiple projects related to him, such as Tron itself, have been sued by the US securities regulator.
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.
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.
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