The US Securities and Exchange Commission (SEC) filed a motion on June 6 asking for a restraining order against Binance.US.
That request specifically asks the judge to freeze the assets of Binance.US’s parent companies, which collectively operate under the name BAM. The SEC’s motion also seeks to return Binance.US funds to customers among other assistance.
Furthermore, SEC has asked Binance, Binance.US related companies and Binance CEO Changpeng Zhao to demonstrate why no injunction should be introduced. This means that the regulator wants restrictions to be imposed prior to the process.
The SEC also aims to force the defendants to provide certain information and prevent them from destroying, concealing or altering records.
The securities regulator said these actions are needed quickly to ensure client safety. It said the defendants violated and ignored US laws for years. It noted that many questions remain open about intercompany transactions and said some defendants claim they are not within the jurisdiction of the court.
The SEC originally filed charges against Binance.US and related parties on June 5.
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