{"id":21807,"date":"2023-06-13T00:11:49","date_gmt":"2023-06-13T04:11:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-lawyers-push-back-against-us-sec-claims-that-binance-us-customer-assets-are-at-risk\/"},"modified":"2023-06-13T00:11:50","modified_gmt":"2023-06-13T04:11:50","slug":"binance-lawyers-push-back-against-us-sec-claims-that-binance-us-customer-assets-are-at-risk","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21807","title":{"rendered":"Binance Lawyers Push Back Against US SEC Claims That Binance.US Customer Assets Are at Risk"},"content":{"rendered":"
\n

Attorneys for Binance.US and Binance CEO Changpeng Zhao argued that the US Securities and Exchange Commission\u2019s temporary restraining order to freeze its assets should be denied.\u00a0<\/p>\n

There is no risk to customer assets, the lawyers said on Monday in a court filing ahead of a Tuesday hearing to discuss the SEC\u2019s proposed restraining order.\u00a0<\/p>\n

\u201cIndeed, there is no \u2018emergency\u2019 here at all, other than the one manufactured by the SEC for its own purposes, when the alleged securities law violations, according to the SEC, have been going on publicly and openly for years,\u201d the lawyers argued.\u00a0<\/p>\n

They argued that by granting the SEC\u2019s \u201crequested relief\u201d would instead harm BAM customers and \u201ceffectively end BAM\u2019s business.\u201d<\/p>\n

BAM Trading Services Inc. and BAM Management US Holdings Inc. run Binance.US.\u00a0<\/p>\n

The SEC sued<\/u> Binance and Zhao over a \u201cblatant disregard of the federal securities laws,\u201d and racked up 13 charges last week.\u00a0<\/p>\n

A day later the agency filed<\/u> an emergency motion seeking a temporary restraining order in the US District Court for the District Court of Columbia, asking a judge to freeze assets of BAM Trading and BAM Management.\u00a0<\/p>\n

The SEC said relief<\/u> is needed in part to \u201censure the safety of customer assets.\u201d<\/p>\n

Behind the curtain between the SEC and Binance<\/h2>\n

Lawyers for Binance and Zhao said it was first learned that they were potentially targets of an SEC investigation involving Binance.US in late February 2023.\u00a0<\/p>\n

However, despite \u201cfrequent interaction\u201d over the course of the next three months, the SEC never expressed concern about the safety and security of Binance.US\u2019s user assets, the lawyers said.<\/p>\n

\u201cOn May 30, 2023, however, the SEC\u2019s position markedly shifted when the SEC\u2014for the first time\u2014suggested in a letter to BHL \u2026 that it had \u2018significant questions and concerns\u2019 about \u201cthe safety of customer assets and the unencumbered availability of funds at BAM Trading,\u201d the lawyers said.\u00a0<\/p>\n

Communications between the SEC and Binance continued up to June 2 \u2014\u00a0and the agency filed the lawsuit days later on June 5.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Attorneys for Binance.US and Binance CEO Changpeng Zhao argued that the US Securities and Exchange Commission\u2019s temporary restraining order to freeze its assets should be denied.\u00a0 There is no risk to customer assets, the lawyers said on Monday in a court filing ahead of a Tuesday hearing to discuss the SEC\u2019s proposed restraining order.\u00a0 \u201cIndeed, […]<\/p>\n","protected":false},"author":1,"featured_media":21808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-21807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBinance Lawyers Push Back Against US SEC Claims That Binance.US Customer Assets Are at Risk | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Attorneys for Binance.US and Binance CEO Changpeng Zhao argued that the US Securities and 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