SEC seeks to freeze Binance.US assets, details in motion.

The US Securities and Exchange Commission has taken legal action against Binance’s US platform. On Tuesday evening, the regulator filed an emergency motion for a temporary restraining order in the US District Court for the District Court of Columbia, seeking to freeze the assets of BAM Trading and BAM Management, which do business as Binance.US. This followed a lawsuit filed by the regulator on Monday against Binance and its founder Changpeng Zhao, accusing them of violating federal securities laws. The SEC claimed that Binance and Zhao had created BAM Management and BAM Trading to evade US laws and that they had a lot of control over the US entity. BAM Trading has $2.2 billion in cryptocurrency and hundreds of millions more in fiat currency. The SEC said it is seeking to ensure the safety and availability of investor assets and prevent the dissipation of assets. It also asked the judge to order that relevant documents cannot be destroyed and require sworn accounting from the exchange. Zhao tweeted that the court order would only affect Binance.US, not Binance.com, and that funds were safe.