According to TechFlow, on Tuesday, June 7, the U.S. Securities and Exchange Commission (SEC) issued a court document requesting approval of a temporary restraining order to freeze assets related to Binance US.

It is reported that the restraining order will freeze the relevant assets of Binance US holding and operating companies BAM Management US Holdings and BAM Trading Services.

If the restraining order is approved, Binance will need to ensure that only Binance US can access customer funds within five days and transfer all customer assets to a new wallet that only Binance US can access within 30 days. This move means that Binance will need to take measures to protect customer assets and ensure that they are not affected in any way. We will continue to monitor the progress of this matter.