{"id":80128,"date":"2023-06-13T12:12:49","date_gmt":"2023-06-13T09:12:49","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80128"},"modified":"2025-09-11T14:57:41","modified_gmt":"2025-09-11T11:57:41","slug":"binance-us-challenges-secs-request-to-freeze-assets","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-us-challenges-secs-request-to-freeze-assets\/","title":{"rendered":"Binance.US challenges SEC&#8217;s request to freeze assets"},"content":{"rendered":"<p>Binance.US <a href=\\\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.dcd.256060\/gov.uscourts.dcd.256060.40.0.pdf\\\">opposed<\/a> the SEC&#8217;s emergency motion <a href=\"https:\/\/u1f987.com\/en\/news\/sec-seeks-to-freeze-assets-held-by-binance-us\">for an asset freeze<\/a> of the exchange, calling it \\&#8221;draconian and unduly burdensome\\&#8221;.<\/p>\n<p>\\n\\n<\/p>\n<p>They argue that such a decision would effectively put an end to its operations, with the subsidiary BAM Trading Services being the hardest hit. A hearing on the motion is scheduled for June 13.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;The requested relief would primarily harm BAM&#8217;s clients, effectively drive BAM out of business, and prevent BAM from defending itself in this lawsuit,\\&#8221; the document says.<\/p>\n<\/blockquote>\n<p>\\n\\n<\/p>\n<p>Binance.US contends that \\&#8221;all SEC claims are unfounded,\\&#8221; because the regulator has not yet \\&#8221;identified any securities transactions involving BAM.\\&#8221;<\/p>\n<p>\\n\\n<\/p>\n<p>According to the exchange&#8217;s representatives, the company has made \\&#8221;significant efforts\\&#8221; to cooperate with the Commission&#8217;s investigation, which has been ongoing since 2020.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;The fact that numerous cryptocurrency exchanges, including BAM, have operated in the United States for years without intervention by the SEC undermines the claim that [cryptocurrencies] clearly fall under securities laws,\\&#8221; Binance.US added.<\/p>\n<\/blockquote>\n<p>\\n\\n<\/p>\n<p>On June 5, 2023, the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-binance-and-changpeng-zhao\">filed suit<\/a> against the Bitcoin exchange and its CEO Changpeng Zhao. The regulator charged them with 13 counts, including the sale of unregistered securities.<\/p>\n<p>\\n\\n<\/p>\n<p>In response, the company <a href=\"https:\/\/u1f987.com\/en\/news\/binance-to-mount-a-vigorous-defence-in-sec-case\">issued a statement<\/a> in which it said it was prepared to vigorously defend itself.<\/p>\n<p>\\n\\n<\/p>\n<p>Subsequently, Binance.US <a href=\"https:\/\/u1f987.com\/en\/news\/binance-us-to-suspend-usd-deposits\">announced the suspension of dollar deposits<\/a> and urged clients to withdraw fiat funds by June 13.<\/p>\n<p>\\n\\n<\/p>\n<p>On June 6, the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-coinbase-exchange\">filed a similar suit against Coinbase<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance.US challenged the SEC&#8217;s emergency motion for an asset freeze of the exchange, calling it &#8216;draconian and unduly burdensome.&#8217;<\/p>\n","protected":false},"author":1,"featured_media":80129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1162,128],"class_list":["post-80128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-court-cases","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=80128"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80128\/revisions"}],"predecessor-version":[{"id":80130,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80128\/revisions\/80130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/80129"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=80128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=80128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=80128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}