Crypto News

SEC Seeks Restraining Order to Freeze Binance US Assets: Latest Update


In a recent development, the Securities and Exchange Commission (SEC) has taken action by filing a motion seeking a temporary restraining order to freeze all cryptocurrency assets held by Binance.US, the US-based subsidiary of Binance exchange. 

This move follows the SEC’s official lawsuit against Binance, which was initiated on Monday.

The SEC’s court filing, submitted to the D.C. District Court, specifically requests the approval to freeze assets associated with BAM Management US Holdings and BAM Trading Services, the holding and operating firms for Binance.US. 

The SEC argues that this measure is necessary to safeguard customer assets and prevent any dissipation of available funds in light of Binance’s history of non-compliance, disregard for US laws, evasion of regulatory oversight, and the presence of unresolved concerns regarding financial transfers and the custody of customer assets. The details of these allegations are outlined in the Complaint, Memorandum of Law, and supporting materials submitted by the SEC.

Should the court grant the order, Binance will be required to ensure that only Binance.US has access to customer funds within the next five days. Subsequently, within a period of 30 days, all customer assets would be transferred to new wallets accessible solely by Binance.US.

As of now, neither Binance nor its CEO, Changpeng Zhao, have provided any official comments regarding the SEC’s recent motion to freeze all cryptocurrency held on the platform. The situation continues to develop, and further updates may arise in the coming days.

Creative Mind

Hello Dope SOUL'S, I'm the founder of, a self-taught blogger with a passion for technology. My journey began with a fascination for tech's power to shape our world, leading me to self-learn computer science and engineering. After years as a self-taught software engineer, I realized my true calling lay in sharing knowledge. This inspired, where I provide valuable insights on tech trends, gadgets, and software. As a self-taught blogger, I explore new tech, analyze trends, and offer honest reviews. I believe in demystifying complex subjects for both tech enthusiasts and beginners. Beyond blogging, I actively engage in tech conferences, collaborating with industry pros to ensure my content stays accurate and relevant. is a platform dedicated to sharing knowledge, connecting with the tech community, and helping readers navigate the ever-evolving tech landscape. Thanks for joining this journey. Stay curious and tech-savvy! Best regards, [Creative Mind] Founder,

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