Binance, the leading cryptocurrency exchange, and its CEO Changpeng Zhao have hired former SEC and Department of Justice prosecutor George Canellos to their legal team, indicating that they are preparing for a significant legal battle.

The U.S. Securities and Exchange Commission (SEC) is asking a court to allow "alternative means" of serving documents on cryptocurrency exchange Binance and its CEO Changpeng Zhao, as the executive is "known for protecting his whereabouts." The SEC on Monday sued Binance and Zhao for violating securities laws and asked the District Court for the District of Columbia to allow it to serve any legal documents during the investigation leading to the legal case by sending copies of the documents to attorneys representing the parties. The move hits the heart of the struggling crypto industry, with the SEC's regulatory web now covering $120 billion in cryptocurrencies following the actions by Coinbase and Binance.

Binance and Binance.US have been accused by the SEC of redirecting more than $12 billion in customer assets to entities controlled by Binance founder Changpeng Zhao between 2019 and 2021. The SEC has requested a temporary freeze on assets at Binance.US and wants to freeze Binance and Zhao's assets, but has only filed a temporary restraining order on Binance.US's assets.

According to CNBC, Lawyers representing Binance and its founder Changpeng Zhao have claimed that SEC Chair Gary Gensler offered to serve as an advisor to the exchange in 2019. The allegations were made in documents filed by Gibson & Dunn and Latham & Watkins on June 7. Gensler reportedly had several conversations with Binance executives, including Zhao, in March 2019.

The Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and its founder Changpeng Zhao for breaching securities regulations and commingling billions of dollars worth of investors' funds.

Binance and its CEO Changpeng Zhao have been sued by the US Securities and Exchange Commission (SEC) for allegedly violating US securities laws. The SEC has filed 13 charges against Binance, accusing the exchange of mishandling customer funds and lying to regulators and investors about its operations.

Binance CEO, Changpeng Zhao, has stated that the company is unlikely to acquire any banking institutions to address the growing problem of crypto companies being debanked, including Binance's own operation in Australia. Zhao explained that the reality of buying a bank is much more complex than the concept, as banking regulators can still take away licenses for working with crypto, even if a bank is purchased.

Binance CEO Changpeng Zhao believes there will not be a single thing that drives adoption in the cryptocurrency industry, but rather multiple new developments and concepts.

Binance CEO Changpeng Zhao has expressed optimism about the recent coverage of cryptocurrency by China's Central Television (CCTV), which he believes could lead to increased adoption and a surge in prices.

Binance CEO Changpeng Zhao expressed surprise at the longevity of dogecoin, a memecoin that he thought would have disappeared a long time ago. He attributed its extended lifespan to Tesla CEO Elon Musk, who has been a vocal supporter of the token and continues to tweet about it.