SEC Files Temporary Restraining Order to FREEZE Binance Assets – After Investors Withdraw $780M in 24 Hours
- The SEC sued huge US crypto exchanges Binance and Coinbase this week
- As Binance Investors Tried To Pull Out, Regulators Moved To Freeze Assets
The United States Securities and Exchange Commission filed a temporary restraining order to freeze Binance’s assets after investors withdrew $780 million from the exchange in just 24 hours.
The commission is trying to get their hands on the assets of Binance.US, the US arm of the world’s largest crypto exchange.
The motion comes a day after US regulators sued Binance’s billionaire CEO Changpeng Zhao for an alleged “network of deception” and “flagrant disregard for federal securities laws” – sending investors into a frenzy .
A court filing on Tuesday read: “The SEC respectfully submits that this relief is necessary on an expedited basis to ensure the safety of customer assets and prevent the dissipation of assets available for judgment, given years of violent customer conduct. defendants, in violation of the laws of the United States.
Officials also launched a separate lawsuit Tuesday against another exchange, Coinbase, accusing it of operating illegally without registering with the regulator.
This is breaking news and will be updated.
Markets have been rocked by news from Binance – the world’s largest crypto trading platform