US court summons TRON and Huobi CEO by the SEC lawsuit

Justin Sun must submit his response or petition to the court and a member of the commission within 21 days

14.04.2023 - 07:20

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3 min

What’s new? On April 12, TRON blockchain founder and Huobi exchange CEO Justin Sun received a subpoena in connection with charges previously filed by the US Securities and Exchange Commission (SEC). According to the document, the entrepreneur has 21 days to file a response or motion with the court and to respond to SEC member Adam Gottlieb. If Sun does not respond, the case will be heard in absentia, without his participation.

Subpoena

Sun’s response. The entrepreneur did not comment on the subpoena in any way. However, on his Twitter account, he wrote the number “4” around the time the news was published, an acronym for the four rules of the Binance exchange announced by its CEO Changpeng Zhao. Among other things, they include “ignor[ing] FUD, fake news, attacks, etc.”

4 😆 — H.E. Justin Sun 孙宇晨 (@justinsuntron) April 13, 2023

Binance’s rules also include education, regulatory compliance, and providing quality products and services. Publishing them in early 2023, Zhao urged followers to link to the post if he posts a number 4 in the future.

Will try to keep 2023 simple. Spend more time on less things. Do's and Don'ts.1. Education2. Compliance3. Product & Service4. Ignore FUD, fake news, attacks, etc.In the future, would appreciate if you can link to this post when I tweet "4". 🙏 — CZ 🔶 Binance (@cz_binance) January 2, 2023

What is known about the charges against Sun? On March 22, the SEC accused Sun and related companies of issuing and selling unregistered TRX and BTT crypto securities, fraud, and market manipulation. Days later, the businessman said that the lawsuit had minimal impact on his projects.

Rumors later surfaced that Sun had been stripped of his Grenadian diplomatic status, but he said he was still the country’s permanent representative to the WTO.

In April, Sun denied rumors that he was looking for a buyer for his stake in the crypto exchange Huobi. The same month, journalists reported that Zhao rejected Sun’s offer to buy Huobi, but the businessman also said the information was untrue.

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