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 associated with the U.S. arm of the world’s largest crypto exchange. exchange.
On Monday, the SEC filed 13 charges against Binance and its CEO Changpeng Zhao over what federal agency chief Gary Gensler called “an extensive web of deception, conflict of interest, lack of disclosure and calculated evasion of the law.”
After filing the lawsuit, the regulator filed a new one on Tuesday movement ask the District of Columbia Court for an order freezing the assets of BAM Management US Holdings and BAM Trading Services, the holding and operating companies of Binance.US.
“Plaintiff U.S. Securities and Exchange Commission (“SEC”) requests this Court to issue a temporary restraining order: freezing of assets (both known and unknown) of defendant BAM Management US Holdings Inc. (“BAM Management”) and BAM Trading Services Inc. (“BAM Trading”) (collectively “BAM”).”
The SEC also sought other provisions, including measures related to the custody and control of client assets held by Binance.US. The regulator says the court’s favorable action will protect clients of the trading platform.
“The SEC respectfully asserts that this waiver is urgently needed to ensure the safety of client assets and prevent available assets from being lost before any judgment given the defendants’ years of violent conduct, disregard for the laws of the United States, evasion of regulatory oversight, and open questions about various financial transfers and the custody and control of client assets – including by defendants who claim they are not within the jurisdiction of the court.
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