Binance.US Says SEC’s Efforts To Freeze Assets Will Destroy Them

The important crypto exchange Binance.US said the fact that the massive efforts that the SEC has been making to freeze their assets would eventually put them out of business. Check out the latest reports about this below.

The US arm of the world’s largest crypto exchange by trading volume says the U.S. Securities and Exchange Commission’s (SEC) recent lawsuit could kill their business for good.

As noted by the online pubcalition the Daily Hodl, new court documents revealed the fact that if the SEC is able to freeze its assets, it will effectively put the firm out of business. More than that, it would no longer be able to fund any of its operations.

“If the Court does address the merits of the SEC’s motion, it should deny that motion. The SEC seeks unnecessary and unjustified relief. Far from requesting relief that is “carefully calibrated” to “maintain the status quo,” the SEC’s proposed remedies would effectively end BAM’s business.”

The same notes continued and revealed:

“The SEC seeks, among many other things, a draconian and unduly burdensome freeze of all the company’s operations without any exceptions. The requested relief would primarily harm BAM’s customers, effectively put BAM out of business, and prevent BAM from defending itself in this litigation.”

It is also worth noting that the exchange said that “without the ability to pay its employees, vendors, suppliers, and professionals in the ordinary course of business and to maintain its technology platform, operations would quickly grind to a halt and BAM would be unable to even fund its defense to this action.”

More than that, “with a freeze of all corporate assets, banking partners would most likely cease to honor requests to transfer funds for any purpose, including customer redemptions.”

We suggest that you check out these official documents in order to find out all the available details about the matter.