The SEC has taken action by Binance US to freeze the crypto asset.
The U.S. Securities and Exchange Commission (SEC) is taking action after filing a lawsuit against Binance. However, the SEC took action to freeze the crypto holding of the US arm of Binance.
SEC Turns Its Eyes On Binance US
The SEC is suing to freeze all cryptocurrencies held by the Binance exchange. The Securities Exchange Commission has taken its measures to freeze all Binance-related assets with a temporary restraining order. A court filing in Washington DC District Court seeks approval to freeze assets affiliated with BAM Management US Holdings and BAM Trading Services. These are the holding and operating companies for Binance US. This move by the SEC comes after it sued Binance.
The statement on the subject from the SEC front is as follows:
“Given the defendants’ years of violating behavior in defiance of United States law, the SEC respectfully submits that this exemption is necessary on an expedited basis to ensure the safety of client assets and prevent existing assets from being distributed for any trial. As described in the complaint, the Memorandum and supporting materials, it seeks to evade regulatory oversight and secure various financial transfers and Client Assets.”
The Coinbase lawsuit, which came today after the SEC filed a lawsuit against Binance, drew attention in the crypto money industry.
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