SEC files temporary restraining order to FREEZE Binance assets – after investors pulled out $780 million in 24 hours
The U.S. Securities and Exchange Commission has filed a temporary restraining order to freeze Binance’s assets after investors pulled $780 million from the exchange in just 24 hours.
The commission is trying to get its hands on the assets of Binance.US, the American branch of the world’s largest crypto exchange.
In a court case on Tuesday, it argued: ‘An order freezing BAM’s assets is necessary to preserve the status quo, prevent the disappearance or transfer of those assets from the jurisdiction of this court and protect the ability of this court to grant relief in the form of remission, conservatory interest and civil penalties.”
The motion comes a day after US regulators charged Binance’s billionaire CEO Changpeng Zhao with alleged “web of deception” and “blatant disregard for federal securities laws.”
Officials also filed a separate lawsuit on Tuesday against another exchange, Coinbase, accusing it of operating illegally without registering with the regulator.
This is a breaking news story and will be updated.
The markets were rocked by the news about Binance – the largest crypto trading platform in the world