Justin Sun Defends CZ And Claims Binance Innocent Before SEC Lawsuits

Key Points:

• Tron founder Justin Sun has defended CZ and Binance against actions against the SEC.
• He believes that Binance can prove his innocence and will accompany CZ to overcome the challenge.
• The US Securities and Exchange Commission (SEC) has published a lawsuit against Binance and CEO Changpeng Zhao for various allegations of legal wrongdoing.

Justin Sun tweeted about the SEC prosecution of Binance and Changpeng Zhao (CZ), expressing his firm support for Changpeng Zhao, believing that he will handle the matter according to the legal requirements and take measures to solve the problem.

Justin Sun also expressed his belief that Binance will prove his innocence and justice will be served, and he is ready to face this challenge along with Changpeng Zhao.

On the evening of June 5, the US Securities and Exchange Commission (SEC) announced a lawsuit against Binance and CEO Changpeng Zhao with many allegations of legal wrongdoing. Soon after, this cryptocurrency exchange posted a protest against the move.

The world’s largest exchange said it would take more steps to protect its platform. The exchange’s post did not forget to highlight that the SEC did not actively cooperate and called this a “lack of clarity for regulation and regulatory guidance for the cryptocurrency market”. This has been emphasized many times by Coinbase before in their legal dispute with the SEC.

With heavy criticism, the SEC brought 13 charges accusing Zhao and Binance entities of committing deception, conflicts of interest, lack of information transparency, and intentional evasion to avoid the law.

Although it maintains the same trading volume as all the leading centralized exchanges combined, Binance’s position has always remained strong. Even due to the attacks targeting the CEO of Binance, CZ, the issue of replacing Richard Teng arose.

Not only the SEC on March 27, but the CFTC also filed a series of complaints against Binance and Changpeng Zhao in a lawsuit against him for insider trading and evading KYC (know your customer) controls.

As one of the most substantial and most biased regulatory bodies against crypto service providers, the SEC lawsuit has caused the exchange’s BNB token to drop more than 10% in the past 24 hours. The most significant token in the market, Bitcoin, also recorded a sharp 6% drop toward $25,700.

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