A significant development has occurred in the securities lawsuit filed against Binance. The request for the freeze of Binance US assets by the US Securities and Exchange Commission (SEC), which was part of the lawsuit, has officially been approved. The court has affirmed the request and formally frozen Binance’s assets on platforms within the US.
According to the breaking news, the assets of two companies, BAM Management and BAM Trading, seen as Binance’s affiliates in the US, were officially frozen. In a statement made by Binance CEO Changpeng Zhao yesterday, he emphasized that even if the court made such a decision, it would only cover Binance US assets.
The SEC’s request yesterday to freeze assets was accepted and viewed by the duty court. Crypto expert Molly White explained that the aim is not to restrict Binance US’s withdrawal transactions, but to prevent money transfers from Binance US reserves to Binance. The SEC emphasized their concerns about Binance officials transferring funds directly to regions outside of the SEC’s jurisdiction.
In the official application made by the SEC, the following statements were included:
BAM Trading (Binance US) can continue to transfer customer assets to support customers’ crypto asset withdrawal requests, with the exception of any Binance-affiliated institutions or individuals. No customer fund transfers that would benefit Binance affiliates should be made.
This statement reveals the reason behind the emergency decision that was taken. At press time, no comment had been received from Binance on the matter.