The U.S. Securities and Exchange Commission (SEC) has requested a temporary restraining order to freeze assets connected to Binance.US, including BAM Management US Holdings and BAM Trading Services. The SEC has sued Binance.US, Binance Global, and CEO Changpeng Zhao, alleging various compliance and control failures, including claims that companies linked to Zhao had access to funds belonging to Binance.US customers.
The SEC has filed for expedited relief to ensure the safety of customer assets and prevent the dissipation of available assets for any judgment. If the order is granted, Binance would have five days to ensure that only Binance.US has access to customer funds, and within 30 days, all customer assets would be transferred to new wallets that only Binance.US can access.
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