"There are many tests in this world, I hope Binance perseveres."
After the FTX crisis, United States (US) prosecutors are now turning their attention to a case involving the giant cryptocurrency exchange company Binance with a US hedge fund firm.
Be informed that investment companies associated with Binance will receive a subpoena*, where they are ordered to appear in court and provide details of their communications.
*Law of a letter asking someone to appear to testify as a witness in court
The move has come at a time when Binance is under intense scrutiny from the media and regulatory authorities over its business and financial practices.
Even so, the subpoena is not intended to prosecute any party but to investigate more carefully about the case which may lead to a resolution, legal experts stressed.
He added that last year, Binance was dubbed the hub of hackers, fraudsters and drug dealers after being linked to the Russian dark web market, Hydra.
However, Binance publicly denied the allegations through the release of an official statement on its company's Twitter account.
According to Patrick Hilmann, Chief Strategy Officer of Binance stated that although his company is in frequent contact with every regulator around the world, Binance will by no means elaborate on the matter during the investigation.
