SEC Plans To Freeze Binance.US Assets

It looks like the SEC is trying to freeze the assets of Binance.US. Check out the latest reports about the matter below.

SEC to freeze Binance.US assets?

According to the latest important reports, it seems that just a day after filing a 136-page complaint against Binance, the U.S. Securities and Exchange Commission (SEC) filed a motion for a temporary restraining order to freeze assets tied to the US arm of the world’s largest crypto exchange.

This week, on Monday, the SEC filed 13 charges against Binance and its CEO Changpeng Zhao over what the federal agency’s head, Gary Gensler, called “an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”

As the online publication the Daily Hodl notes, just after filing the lawsuit, the regulator on Tuesday submitted a new motion asking the District of Columbia court to issue an order.

This order seems to have the aim to freeze the assets of BAM Management US Holdings and BAM Trading Services, the holding and operating firms for Binance.US.

“Plaintiff U.S. Securities and Exchange Commission (‘SEC’) requests that this Court issue a temporary restraining order: freezing assets (both known and unknown) of Defendant BAM Management US Holdings Inc. (‘BAM Management’) and BAM Trading Services Inc. (‘BAM Trading’) (collectively, ‘BAM’).”

It has been alleged by the Securities and Exchange Commission that Binance and Binance.US redirected more than $12 billion in customer assets to entities owned by the founder and owner of Binance, Changpeng ‘CZ’ Zhao, from 2019 to 2021.

The fresh SEC allegations come as supporting evidence in a request by the agency to a federal judge to place a temporary freeze on assets, beyond customer redemptions, at Binance.US.

The SEC has requested a freeze on Binance and Zhao’s assets, but currently, they have only obtained a temporary restraining order on the assets of Binance.US.