CZ Say No to FTX Lawsuit , What It Means for Crypto Market ⚖️🌍
Aslam mu alakum, and hello every one how are you, hope you all will be happy and fine.
Today I read one new news about Binance co-founder CZ (Changpeng Zhao). He tell the US court that they cannot do case on him. Why? Because he live in UAE, not in America. He say the court has no power outside USA. Also, he say the rules in this case don’t work in other country (this is called “no extraterritorial application”).
👉 What is this case?
This is about $1.8 billion lawsuit from FTX. They blame CZ for some problem when FTX crash. But CZ say this case is wrong and not legal in his country.
👉 Good or bad for crypto market?
✅ Good side:
If CZ wins the case, it will help Binance image. People will feel more safe with Binance.
It also shows that USA can't control everything in crypto. Crypto is global, not just American.
❌ Bad side:
if case continues, it can make more fear in the market.Big fight between FTX and Binance can hurt trust in crypto world.Some people think CZ is right. Some say he should face the case. But for now, we have to wait and watch what court say next.
Thank you for reading. 😊
Allah hafiz