The SEC needs to find Changpeng Zhao. Who is rumored to be hiding in Dubai? The United States Securities and exchange commission is seeking further permission from the US District Court in Washington D.c. That would eventually help them to find Binance CEO Zhao. Binance is a cryptocurrency exchange.
His base is unknown to the commission currently. They sought permission to serve his lawyers and collect information. He has been on the run for a long time. They were charged with covering illegal security. The services which were taking place were not registered under the government.
SEC Sued Binance
They were operating without legal registration in the states. SEC issued a statement this year and immediate closure of the office. Since then the CEO of the company has been on the run. However, to move further with notice and arrest they need specific permission from the Washington court. SEC cannot move on their own.
On June 7th they requested a legal notice for alternative services. They needed other than everyday rules. When they are arresting someone, they might have to provide the signature of the detained person. In this case, the signature procedure is next to impossible.
Binance have illegal documents and operation without proper Permission. They cannot detain a single person or concrete body. They need permission to arrest both the product and the maker.
The commission also made it clear to the attorneys of Binance and Zhao. None of them would have appeared in front of the court. They need to respond to the summons. And the SEC’s hands are tied beyond this. If the CEO is hiding in a different country they would be needing special permission to arrest him. Which only can the district court provide.
