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Binance.US addresses SEC motion amid assets freeze concerns

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TL;DR Breakdown

  • Binance.US reassures users of the safety of its funds following SEC’s assets freeze claims.
  • The firm is focusing on challenging the SEC in court.

Cryptocurrency exchange Binance.US has moved to reassure its users after the U.S. Securities and Exchange Commission (SEC) filed an emergency motion seeking to freeze its assets. In a recent tweet, Binance.US emphasized that user assets remain secure and the platform continues to operate normally with deposits and withdrawals functioning without disruption.

Binance.US allays fears about safety of funds

The SEC filed an emergency motion on June 6 in the U.S. District Court for the District of Columbia, requesting a temporary restraining order against Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ). The motion outlined eight actions, including freezing Binance.US assets and repatriating funds held by U.S. customers.

Additionally, it prohibits the defendants from altering or hiding records and imposes certain conditions on discovery. Concerns emerged within the crypto community that the restraining order might trigger a “bank run” on the exchange. However, it is important to note that the motion filed by the SEC is not expected to directly affect customers’ ability to withdraw funds. It still requires approval from a district judge to proceed.

The firm wants to focus on challenging the SEC in court

The exchange responded to the injunction, describing it as “unwarranted” and alleging that it was filed as a tactical move by the SEC to gain an advantage in litigation. The exchange stated that it had engaged in discussions with the SEC over the past week to address concerns about the safety of customer assets. Despite providing detailed information to assure the SEC staff, the filing of the motion for a temporary restraining order and preliminary injunction was unexpected.

While Binance.US expressed disappointment over the SEC’s actions, it remains determined to defend itself in court. The exchange firmly believes that the preliminary injunction is more of a legal strategy by the SEC rather than a genuine concern for customer asset safety.

At the same time, on the day of the SEC’s lawsuit against Binance, Coinbase also faced legal action from the regulatory authority for allegedly offering unregistered securities. The SEC lawsuit accuses Coinbase of operating as an unregistered security broker since 2019 and evading the disclosure requirements for securities markets. This lawsuit shares similarities with the case brought against Binance on June 5. As the situation unfolds, the exchange plans to continue its operations while preparing to navigate the legal proceedings. It remains committed to ensuring the safety of user assets and looks forward to presenting its defense in court.

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