Crypto exchange Binance.US has attempted to quell possible unrest from its users following a motion from the United States securities regulator seeking to freeze its assets “on an expedited basis.”
In a June 6 tweet, Binance.US reiterated that “user assets remain safe and secure” and added the platform “continues to be fully operational with deposits and withdrawals functioning as normal.”
Earlier on June 6, the SEC filed an emergency motion in the District of Columbia U.S. District Court asking for a temporary restraining order against Binance, Binance.US and Binance CEO Changpeng Zhao (CZ), requesting eight actions.
This afternoon, the SEC filed a motion seeking a TRO and preliminary injunction against https://t.co/AZwoBOgsqS attempting to, amongst other things, freeze https://t.co/AZwoBOgsqS corporate assets. User assets remain safe and secure and the platform continues to be fully…
— Binance.US (@BinanceUS) June 6, 2023
The requested actions include the freezing of the assets of Binance.US and the repatriation of fiat and cryptocurrency held by U.S. customers or for the benefit of U.S. customers. In addition, the motion prohibits the defendants from destroying, altering or concealing records and imposes other sets of conditions on discovery.
Some in the crypto community shared concerns that the restraining order could spark a “bank run” on the exchange.
The emergency motion from the SEC is not expected to directly impact the customers’ ability to withdraw, and will still require a district judge’s sign-off to go ahead.
Binance.US said the injunction w
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Author: Felix Ng
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