Sign Up on MEXCBinance.US Seeks To Revoke US SEC’s Request To Freeze Its Funds
Binance.US has urged a federal judge to reject the US SEC’s request to freeze assets on the cryptocurrency exchange during a legal fight with the regulator. Binance’s US arm has argued that freezing its assets would cripple its business and hurt customers, Bloomberg reported.
“Operations would quickly grind to a halt”
Without the ability to pay employees, vendors, suppliers and professionals or to maintain the trading platform, the operations will quickly grind to a halt, Binance.US attorneys said Monday in a court filing. “With a freeze of all corporate assets, banking partners would most likely cease to honor requests to transfer funds for any purpose, including customer redemptions,” the exchange added.
The SEC had requested the federal court to seize assets of Binance.US, after it sued Binance entities and founder Changpeng Zhao last week, alleging “blatant disregard of US securities laws” and “years of violative conduct” that puts customer funds at risk.
Binance assures US customer assets are safe
Binance.US attorneys further argued in their court filing that US customer assets are safe and said “there is no need for the draconian relief sought by the SEC.” As reported earlier, the US SEC had filed an emergency action application for a temporary restraining order to freeze Binance.US’s assets in an attempt to protect customer funds, including through repatriation of client investments held abroad. Binance has aggressively disputed the allegations.
Proposed Bill Seeks To Fire SEC Chair
On Monday, Republican lawmaker Warren Davidson introduced the “SEC Stabilization Act” into the House of Representatives. One of the bill’s main provisions is to fire the SEC chair Gary Gensler. Along with removing the SEC chair Gary Gensler, the bill would redistribute the power between SEC chair and commissioner. Though the Republican lawmakers did not specifically mention cryptocurrencies in their statements, both the lawmakers Warren Davidason and Tom Emmer have a positive stance on crypto.
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
