#Binance #binanceus #cryptocurrency
According to a local newspaper a US court approved a motion by the Securities and Exchange Commission (SEC) to freeze the assets of BAM Management and BAM Trading, which are subsidiaries of the popular cryptocurrency exchange Binance operating in the United States.
The court documents state that the SEC has urgently sought certain forms of relief against Binance Holdings Limited, BAM Trading Services, BAM Management US Holdings, and Changpeng Zhao. This relief includes an order to freeze the assets of BAM Management and BAM Trading.
The SEC's motion was filed in the US district court to preserve the current state of affairs, prevent the dissipation or withdrawal of these assets from the jurisdiction of the court, and safeguard the court's ability to provide significant relief in the form of monetary compensation for damages, interest, and civil penalties.
The court granted the asset freeze order and also directed Binance to return all fiat currencies and cryptocurrencies held in Binance.us accounts to its customers within a period of ten days. The case against Binance's US subsidiaries is currently being reviewed, and the broader consequences for Binance as a whole are yet to be determined.
In a separate development, the SEC has also accused Coinbase, another prominent cryptocurrency exchange, of violating securities law. The regulator alleges that Coinbase's services blur the lines between traditional exchanges, brokers, and clearing agencies and that Coinbase has failed to register any of these activities with the SEC.