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Binance.US Pushes Back Against SEC Claims in Court Filing Ahead of Hearing

Binance.US has filed a court document claiming that it has been cooperating with the Securities and Exchange Commission (SEC) investigation since December 2020. However, the SEC argues that the company has not provided satisfactory answers regarding the storage of customer assets.

Binance.US's parent company, BAM Trading, responded to allegations that it commingles customer assets with funds controlled by owner and founder Changpeng ‘CZ’ Zhao, stating that it maintains customers' fiat currency in segregated accounts.

The SEC has requested a temporary restraining order on Binance.US that would freeze its assets except for customer withdrawals and wants a full accounting of their financial health.

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