Asset Freeze Sought By SEC To Cripple Crypto EXCH
Binance During a court battle with the SEC, the US asked a federal judge to deny the SEC’s request to freeze billions of dollars in assets on the cryptocurrency exchange, alleging that the action would destroy its operation and harm customers.
“Operations would quickly grind to a halt” without the ability to pay employees, vendors, suppliers and professionals or to maintain the trading platform, Binance.US attorneys said Monday in a court filing. “With a freeze of all corporate assets, banking partners would most likely cease to honor requests to transfer funds for any purpose, including customer redemptions.”
The SEC sought the asset freeze after suing Binance.US, Binance Holdings Ltd. and founder Changpeng Zhao last week, alleging “blatant disregard of US securities laws” and “years of violative conduct” that puts customer funds at risk.
(With inputs from Shikha Singh)
You need to login in order to Like
