The Securities and Exchange Commission (SEC) has lodged an emergency action application against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings, Inc., and their founder, Changpeng Zhao. The action includes a request for a temporary restraining order to freeze assets and calls for the repatriation of assets to the benefit of customers on the Binance.US crypto trading platform.
This aggressive move by the SEC is part of a broader effort to safeguard the assets of Binance.US customers as it pursues pending litigation against the platform and its founder. The agency’s main goal is to ensure that customer assets remain in the United States throughout the ongoing legal proceedings.
The emergency action features several key requests. Among them, the SEC seeks a court order compelling the defendants to explain why a preliminary injunction should not be issued against them. It also demands the freezing of BAM…
