Binance US: User Assets Secure, Operations Continue Despite SEC TRO

Binance USA
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The SEC has filed a motion requesting a Temporary Restraining Order and preliminary injunction against Binance US, aiming to freeze corporate assets

Binance US swiftly responded, assuring users that their assets are secure, and the platform remains fully operational. Deposits and withdrawals are functioning normally despite the regulatory action.

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Simultaneously, Binance US expressed its belief that the filing of the preliminary injunction is unjustified and driven more by the SEC Staff’s desire for a litigation advantage rather than genuine concerns about customer asset safety.

They noted that the SEC Staff had not previously raised any concerns regarding the safety of customer assets until recently.

During the past week, Binance US engaged in continuous and frequent dialogue with the SEC Staff to address their concerns regarding the safety of customer assets. Despite providing extensive information to assure the SEC Staff about customer asset safety, the Staff has proceeded with filing a motion for a temporary restraining order and preliminary injunction.

Also Read This Related: SEC vs. Binance: The Battle Between Regulators and a Crypto Giant

Binance US expressed disappointment with this action and affirmed its intention to vigorously defend itself in court.

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Following the SEC’s indictment against Binance, reports suggest that the SEC has pursued a temporary restraining order from the court to freeze assets associated with BAM Management US Holdings and BAM Trading Services, which are the holding and operating companies for Binance US.

If the order is approved, Binance will be given five days to ensure that only Binance US can access customer funds, and within 30 days, all customer assets must be transferred to a new wallet accessible exclusively by Binance US.

Binance CEO Changpeng Zhao addressed the SEC’s action, stating that if the court approves the temporary restraining order, it will solely impact Binance US and will not have any effect on Binance. He reassured users by affirming that the funds are secure and SAFU (Secure Asset Fund for Users).

Also Read This Related: SEC vs Binance Lawsuit Sparks Disastrous Outcomes within 24 Hours

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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