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Binance.US Says User Funds Remain Safe Despite SEC’s Attempt to Freeze Assets

Binance.US Says User Funds Remain Safe Despite SEC’s Attempt to Freeze Assets

 


Crypto exchange Binance.US has attempted to assuage possible turmoil among its users following a motion by the US securities regulator seeking to freeze its assets on an accelerated basis.

In a June 6 tweet, Binance.US reiterated that users’ assets remain safe and secure” and added that the platform continues to be fully operational with deposits and withdrawals operating as normal.

Earlier on June 6, the SEC filed an urgent motion in the U.S. District Court for the District of Columbia seeking a temporary restraining order against Binance, Binance.US and Binance CEO Changpeng Zhao (CZ), seeking eight shares.

This afternoon, the SEC filed a motion seeking a TRO and preliminary injunction against https://t.co/AZwoBOgsqS attempting, among other things, to freeze the company’s assets https://t.co/AZwoBOgsqS . User assets remain safe and secure and the platform continues to be fully

Binance.US (@BinanceUS) June 6, 2023

Actions requested include freezing Binance.US assets and repatriating fiat and cryptocurrencies held by or for the benefit of US clients. In addition, the motion prohibits defendants from destroying, altering or concealing documents and imposes other sets of conditions on discovery.

Some members of the crypto community have shared concerns that the banning order could trigger a bank run on the exchange.

The SEC’s emergency motion is not expected to directly impact clients’ ability to opt out and will still require district judge approval to proceed.

Excerpt from SEC Temporary Restraint Order. Source: Court Listener

Binance.US said the injunction was unwarranted, saying it was filed as part of a scheme to gain an advantage in litigation after the exchange spent the last week engaging with the SEC. Binance.US said:

The filing of the preliminary injunction is unwarranted and based more on SEC staff gaining an advantage in litigation than a genuine concern for the safety of client assets.

“Despite the information the company provided to assure SEC staff of the security of client assets, staff nonetheless decided to file the motion seeking a temporary restraining order and preliminary injunction,” Binance said. US, adding:

Although we are disappointed with this action, we look forward to defending ourselves in court.

Cointelegraph contacted Binance.US for further comment but did not receive an immediate response.

Related:SEC files motion for restraining order against Binance

The order comes the same day Coinbase was sued by the SEC for allegedly offering unregistered securities.

The SEC lawsuit alleges that Coinbase never registered as a broker, national securities exchange, or clearing agency, evading the securities markets disclosure system, and operates as an unregistered securities broker. registered since 2019. The lawsuit has similarities to the one filed against Binance on June 5.

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2/ https://cointelegraph.com/news/binance-us-user-funds-safe-amid-sec-injunction-freeze-assets

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