SEC requests restraining order to temporarily freeze Binance.US assets

The US Securities and Exchange Commission (SEC) has filed a motion seeking a restraining order against Binance.US. June 6th.

The request specifically asks the court to freeze the assets of the parent company of Binance.US, which collectively operates under the name BAM. The SEC motion also calls for the return of Binance.US funds to customers, among other remedies.

The SEC also asked Binance, Binance.US affiliates, and Binance CEO Zhao Changpeng to show why the preliminary injunction should not be issued. This means regulators want to impose restrictions before trial.

The SEC also seeks to compel defendants to provide certain information and to prevent the destruction, concealment, or alteration of records.

Securities regulators said these measures were urgently needed to ensure the safety of customers. The defendants said they had violated and ignored US law for years. Many questions remain unresolved about business-to-business transactions, he said, with some defendants claiming they are not under the jurisdiction of the courts.

The SEC originally filed a lawsuit against Binance.US and related entities on June 5.

An article in which the SEC requested an injunction to temporarily freeze the assets of Binance.US first appeared on CryptoSlate.

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