The United States Securities and Exchanges Commission [SEC] is moving to get its hands on […]
The United States Securities and Exchanges Commission [SEC] is moving to get its hands on the assets of Binance.US – the American branch of the world’s largest crypto exchange. This action was mentioned in a restraining order filed today. The commission had sued Binance, Changpeng Zhao, and Binance.US yesterday for breaching securities laws placed in the US.
Notably, the filing states that the restraining order should freeze the assets of the exchange in order to “preserve the status quo, prevent dissipation or transfer” of the funds to a different jurisdiction. Additionally, it will be able to protect the court’s “ability to award relief in the form of disgorgement, prejudgement interest, and civil penalties.” The filing read,
“Defendants BAM Management and BAM Trading and their agents servants, employees, attorneys-in-fact, and those persons in active concert shall hold and retain within their control, and otherwise prevent nay disposition, transfer, pledge, encumbrance, assignment, dissipation, concealment, or other disposal whatsoever of any of their funds or other assets or things of value ”
Furthermore, the filing states that customer funds should be in sole control of BAM Trading within five days of the court’s approval of the restraining order. The SEC is mainly seeking to take away Binance and its CEO Zhao’s authorization or involvement in the transfer or withdrawal of US customer assets.
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