In the continuity of the complaint of the SEC last month, Justin Sun received a subpoena from the American justice. At the same time, Binance.US announced the halt of TRX listings. Let’s review these two events.
Justin Sun receives subpoena
Justin Sun, the founder of the Tron (TRX) ecosystem, received on Wednesday a subpoena from the court for the Southern District of New York.
This summons directly references the recent complaint by the Securities and Exchange Commission (SEC) last month. The alleged facts were in particular promoting unregistered titles intended for American investors through the TRX and the BTT of BitTorrent, but also of market manipulation with wash trading.
So, the interested party has 21 days to respond to Adam Gottliebcounsel for the SEC, failing which a default judgment will be rendered:
“If you do not respond, a default judgment will be entered against you for the relief sought in the complaint. You must also file your response or motion with the court. »
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Delisting on Binance.US
At the same time, Binance.US has announced the upcoming withdrawal of trading pairs involving the TRX. Indeed, given the regulatory doubt surrounding the asset, it is a safe bet that the exchange is playing the security card in order to limit possible legal proceedings.
Deposits will therefore be closed on April 17 and all trading pairs closed on the 18th. As for yield-generating products, these were stopped on Thursday. However, users will still have the ability to withdraw their assets from the platform even after the trading halt, and USDT and USDC issued on Tron are not impacted by the measure.
Faced with all these events, Justin Sun did not particularly comment. He was only content to imitate Changpeng Zhao (CZ), the CEO of Binance, tweeting the number 4. This references an old tweet from CZ, in which the fourth proposition called for ignoring FUD:
4 😆
— HE Justin Sun 孙宇晨 (@justinsuntron) April 13, 2023
Thus, it will certainly be necessary to wait for the beginning of May to know the result of this complaint, and to know if the person concerned has decided to contact the American justice system by then.
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Sources: Subpoena, Binance.US, Image: LinkedIn
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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