The SEC just dropped a bombshell on Binance.US, the American arm of the world’s largest cryptocurrency exchange. The regulator filed an emergency action application against Binance.US to freeze its assets, as part of the regulator’s recent crackdown on the crypto exchange.
Protecting Customer Funds On Binance
According to the documents filed with the court, the request was brought forward with the intention of ensuring that the assets of Binance.US clients are safeguarded and kept in the United States. At least pending the outcome of the ongoing litigation being conducted by the SEC.
The filing is also looking to activate other emergency relief against Binance Holdings Limited, the arm of the exchange operating globally, and its founder, Changpeng Zhao. This is coming after news broke out on Monday, June 5, that SEC brought 13 charges on Binance.US and its billionaire founder, Changpeng Zhao, saying the company broke US rules by offering securities in the form of cryptocurrencies
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