SEC files motion for restraining order against Binance

United States Securities and Exchange Commission filed On June 6, an emergency motion was filed in the US District Court for the District of Columbia requesting eight actions against Binance, Binance.US and CEO Changpeng Zhao (CZ).

The first requested actions are the freezing of assets on Binance.US and the repatriation of fiat and cryptocurrencies held by or for the benefit of US customers. In addition, it prohibits the defendants from destroying, altering or concealing records and sets other conditions on discovery.

According to the filing:

“This relief is necessary on an expedited basis to ensure the protection of client assets and to prevent the dissipation of assets available for any judgment, reflecting Defendant’s years of predatory conduct, disregard of United States laws, evasion of regulatory oversight, Given, and open questions about, various financial transactions and the custody and control of customer assets.”

This is a developing story, and further information will be added as it becomes available.