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