US regulator asks court to freeze crypto giant Binance’s assets


The United States Securities and Exchange Commission (SEC) has asked a federal court to issue a temporary restraining order to freeze the US assets of cryptocurrency exchange Binance.

Thank you for reading this post, don't forget to subscribe!

The motion, filed in the US District Court for the District of Columbia on Tuesday, comes a day after US regulators sued Binance and its CEO Changpeng Zhao for allegedly operating a “web of deception”, piling further pressure on the world’s biggest cryptocurrency exchange.
In the motion, the SEC accused Binance of years of violative conduct, including “disregard” for US laws and “evasion of regulatory oversight”.

The holding company of Binance is based in the Cayman Islands. Binance.US is its US affiliate. Binance said the SEC’s motion only concerned Binance.US.

After the SEC filed the motion, Binance.US said its user assets would remain safe and the platform would continue normal deposit and withdrawal operations. It added it would defend itself in court and called the SEC’s step “unwarranted”.

The SEC alleged on Monday that Binance artificially inflated its trading volumes, diverted customer funds, failed to restrict US customers from its platform and misled investors about its market surveillance controls. Binance is also facing US legal actions by the Commodity Futures Trading Commission and the Justice Department.

Editorial Staff
Editorial Staff
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:



More like this

Chevron Nigeria Wins Energy Sustainable Energy Business Award at NIES

Cosmas Iwueze, Director, NNPCL/CNL Joint Venture Operations receiving the...

Dangote Cement Wins Environmental Sustainability Award

February 28, 2024. Azonuchechi Chukwu. The Dangote Cement Plc has emerged...

Nestle Nigeria Plc declares N79.47bn loss in 2023 financial year

February 28, 2024. Azonuchechi Chukwu. Nestle Nigeria Plc has reported a...

Ogun Police arrest boyfriend over murder of 20-yr-old girl

February 28, 2024. Azonuchechi Chukwu. Ogun State Police Command have arrested...
WP to LinkedIn Auto Publish Powered By :