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SEC seeks court order to freeze Binance US assets

  • The SEC has reportedly asked a US federal court to freeze the entire assets of Binance US.
  • This comes two days after The SEC sued Binance for violating federal securities laws.
  • The move aims to prevent Binance US’s available assets from disappearing for potential assessments.

Events surrounding the US Securities and Exchanges Commission’s (SEC) legal battle with the world’s largest crypto exchange Binance may take a drastic turn after reports surfaced that the SEC is trying to freeze Binance’s US assets.

The SEC has reportedly requested an express court order from a US federal court to freeze all assets of Binance US.

Why is the SEC so tough on Binance?

According to sources familiar with the new development, the SEC is moving to prevent a possible “disappearance of available assets for each judgment, given the defendants’ years of abusive behavior, in violation of the laws of the United States.”

The sources say the freeze order only applies to Binance’s two US holding companies, which allegedly have accounts with various financial institutions, including Axos Bank, Prime Trust and the now-defunct Silvergate Bank.

If the court order is granted, Binance US will be forced to return customers’ fiat and crypto currencies. The move signals the SEC’s commitment to take more drastic action against Binance and its founder, Changpeng Zhao (CZ).

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