![]() District Court seeks the repatriation of assets - both fiat and crypto - belonging to Binance.US customers, a process that would entail the moving of assets back to the United States within 10 days. The SEC seeks to freeze assets due to allegations claiming Zhao and other executives redirected customer funds to personal investment funds, which were used to purchase BUSD and an $11 million yacht for the Binance boss. According to the SEC, Binance portrayed these two firms as independent, but they were secretly controlled by the parent company and its CEO, Changpeng “CZ” Zhao. The freeze would impact two holding and operating firms associated with Binance.US operations: BAM Management US Holdings and BAM Trading Services. The SEC has requested a judge to freeze Binance.US assets in a temporary restraining order filed on Tuesday. SEC File Motion To Freeze Crypto Held By Binance.US ![]() However, Binance.US has clarified that it remains “fully operational” and that all customer funds are safe. Securities and Exchange Commission is now taking swift action to freeze assets tied to the American arm of the global exchange “on an expedited basis”. A day after slapping Binance with a lawsuit, the U.S.
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