• The U.S. Securities and Exchange Commission (SEC) has filed a 136-page complaint against Binance and its CEO Changpeng Zhao for deception, conflicts of interest, lack of disclosure, and evasion of the law.
• On Tuesday, the SEC moved to freeze assets related to BAM Management US Holdings and BAM Trading Services, the holding and operating firms for Binance.US.
• The federal agency’s goal is to protect customers of the trading platform by preventing dissipation of available assets for any judgment given the Defendants’ years of violative conduct.

SEC Files Complaint Against Binance

The U.S. Securities and Exchange Commission (SEC) has filed a 136-page complaint against world’s largest crypto exchange, Binance, and its CEO Changpeng Zhao over what the federal agency’s head Gary Gensler called “an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”

SEC Seeks To Freeze Assets

Just one day after filing a lawsuit against Binance, the SEC submitted a motion for a temporary restraining order to freeze assets tied to the US arm of crypto exchange -BAM Management US Holdings Inc (BAM Management) and BAM Trading Services Inc (BAM Trading). The regulator is seeking other reliefs including measures concerning custody and control customer assets held by Binance.US with an aim to protect customers on expedited basis from financial transfers or dissipation judgement given defendants’ years long violations..

Motivation Behind Motion

The SEC is motivated to take action in order to ensure safety customer assets from any future losses caused due defendants’ years long violations & disregards towards laws set forth in United States as well as evade regulatory oversight in this regard.

What Can Court Do?

The District court can grant this motion issued by SEC which will help in freezing all known & unknown assets held by both defendant companies mentioned above i.,e .BAM Management US Holdings Inc & BAM Trading Services Inc which will also help prevent further dissipation on judgement given defendants’ actions so far thus protecting customers associated with trading platform at large .

Conclusion

In conclusion , it can be seen that through this motion SEC is trying their best to protect customers who are associated with trading platform from any kind future losses due defendants lengthy violations regarding laws set forth by United States government while evading regulatory oversight .