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SEC files temporary restraining order to FREEZE Binance assets – after investors pulled out $780M in 24 hours
- The SEC this week has sued huge US crypto exchanges Binance and Coinbase
- As Binance investors attempted to withdraw, regulators moved to freeze assets
The US Securities and Exchange Commission has filed a temporary restraining order to freeze Binance assets after investors pulled $780million out of 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 filing on Tuesday, it argued: ‘An order freezing BAM’s assets is necessary to preserve the status quo, prevent dissipation or transfer of those assets from the jurisdiction of this Court, and protect this Court’s ability to award relief in the form of disgorgement, prejudgment interest and civil penalties.’
The motion comes a day after US regulators sued Binance’s billionaire CEO Changpeng Zhao over an alleged ‘web of deception’ and ‘blatant disregard for the federal securities laws’.
Officials also launched a separate suit on Tuesday against another exchange, Coinbase – accusing it of illegally operating without having registered 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
Source: DailyMail UK
