Binance’s lawyers have raised questions about the relationship between Securities and Exchange Commission Chair Gary Gensler and the exchange, citing a prior meeting between Gensler and Binance CEO Changpeng CZ Zhao. In March 2019, the two had an in-person lunch meeting in Japan where they discussed the BNB token and Binance opening an exchange in the U.S. According to Binance’s counsel, Gensler offered to serve as an informal advisor to Binance and even sent Zhao a copy of his planned statement before a House Financial Services Committee hearing. Binance’s lawyers have asked the SEC to confirm whether Gensler has recused himself from the case, as his history with Binance may make him a material fact witness. On June 13, the two are due back in court with regards to a temporary restraining order the SEC has filed against Binance.US. Later that week, on June 14, the SEC has been ordered by a court to respond to a petition from Coinbase with regards to why or why not it won’t engage in rulemaking for crypto.
Gary Gensler’s Prior Relationship with Binance Raises Questions of Recusal
