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News

SEC Request to Freeze Binance US Assets Approved Is Incorrect

June 8, 2023 - Around 3 mins mins to read

Key Points:

  • Coindesk reporter said that the information that the SEC Request to freeze the assets of Binance US has been passed and needs to be corrected.
  • Accordingly, there are 2 important milestones for Binance, which are June 12 and June 13.
SEC Request to Freeze Binance US Assets Approved Is Incorrect
Information The SEC’s request to freeze Binance US assets has been rectified as incorrect. A hearing on this matter will be held on June 13.

CoinDesk reporter Nikhilesh De said on Twitter that there are two important timing buttons:

  • June 12, 2023: Deadline for Binance and Binance US to respond to SEC’s application for a temporary restraining order.
  • June 13, 2023, 2 pm ET: Hearing scheduled on the motion for a TRO.

As a result, the court will also schedule a hearing for the SEC’s application, proving that Coingraph News’ report on “US Court Approves SEC’s Request to Freeze Binance US Assets” is untrue.

It was previously reported that a US court had approved a request by the Securities and Exchange Commission (SEC) to freeze the assets of the BAM Management and BAM Trading subsidiaries of Binance US.

SEC Request to Freeze Binance US Assets Approved Is Incorrect

If approved, Binance will have five days to ensure that only Binance US can access customer funds. Within 30 days, all customer assets will be transferred to a new wallet exclusively accessed by Binance US.

Previously, CEO Changpeng Zhao (CZ) also clarified on Twitter that if the asset freeze order is passed, it only applies to Binance US, and Binance.com remains unaffected. He assures users that their funds are safe and emphasizes separating the two entities.

Facing a solid crackdown by the SEC, the US branch of cryptocurrency exchange Binance said on Wednesday that it has chosen to suspend its decentralized trading service.

Accordingly, it suspended the OTC Trading Gateway, an “over-the-counter” trading method that allows buyers and sellers to trade without using a public order book. As the largest exchange in the market regarding trading volume, having a legal dispute with a potent regulator like the SEC has caused much damage to Binance.

According to Nansen data, Binance.US net withdrew about $123 million across multiple chains (excluding Bitcoin) in the last 24 hours, including MATIC, worth around $41.6 million and $19.4 million.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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