{"id":537668,"date":"2023-06-13T14:00:54","date_gmt":"2023-06-13T14:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=537668"},"modified":"2024-06-11T14:37:35","modified_gmt":"2024-06-11T14:37:35","slug":"binance-us-responds-to-motion-seeking-fund-freeze-asserts-secs-claims-are-invalid","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-coin\/binance-us-responds-to-motion-seeking-fund-freeze-asserts-secs-claims-are-invalid\/","title":{"rendered":"Binance.US Responds To Motion Seeking Fund Freeze, Asserts SEC&#8217;s Claims Are Invalid"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Binance.US has submitted its defense before the June 13 hearing to determine the freezing of its funds. <\/span><span style=\"font-weight: 400\">Binance.US criticized the Securities and Exchange Commission&#8217;s (SEC) motion for a temporary restraining order, describing it as <\/span>draconian and unduly burdensome.<span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The exchange also <\/span><a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.dcd.256060\/gov.uscourts.dcd.256060.40.0.pdf\" rel=\"nofollow\"><span style=\"font-weight: 400\">voiced <\/span><\/a>opposition, arguing that the proposed measures would place excessive restrictions and <span style=\"font-weight: 400\">\u201ceffectively end\u201d its business.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/xrp-could-be-set-for-a-breakout\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">XRP Could Be Set For A Breakout As Investment Inflows Continue<\/a><\/div>\n<p><span style=\"font-weight: 400\">Notably, the hearing on the restraining order will take place in the US District Court for the District of Columbia on <\/span><a href=\"https:\/\/twitter.com\/JohnReedStark\/status\/09070340?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E09070340%7Ctwgr%5E5affcfe6694bbaf039a27ac5e37b709b0ecfaff2%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbinance-us-fights-sec-motion-to-freeze-funds-restraining-order\" rel=\"nofollow\"><span style=\"font-weight: 400\">June 13<\/span><\/a><span style=\"font-weight: 400\"> before DCJ Amy Berman Jackson.<\/span><\/p>\n<h2>Closure Of BAM Trading Services Inc. Would Harm Customers And Inhibit The Defense, Binance.US<\/h2>\n<p><span style=\"font-weight: 400\">In a recent <\/span><a href=\"https:\/\/www.johnreedstark.com\/wp-content\/uploads\/sites\/180\/2023\/06\/BamOpposition.pdf\" rel=\"nofollow\"><span style=\"font-weight: 400\">opposing motion<\/span><\/a><span style=\"font-weight: 400\">, Binance.US expressed that implementing the restraining order would result in the closure of BAM Trading Services Inc., the entity responsible for providing crypto trading and exchange services for Binance.US. <\/span><\/p>\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif\">&#8220;The requested relief would primarily harm BAM\u2019s customers, effectively put BAM out of business, and prevent BAM from defending itself in this litigation,&#8221; said the company.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Binance believes operations would \u2018quickly grind to a halt\u2019 without the ability to pay its employees and professionals in the ordinary course of business, and BAM would be unable to even fund its \u2018defense\u2019 to this action.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Binance.US notably criticized the regulator&#8217;s approach in pursuing legal action, asserting that the US SEC failed to identify any security trading on BAM&#8217;s platform, causing all of the SEC&#8217;s claims to fail.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, Binance.US stated that it had actively engaged in cooperation with an ongoing SEC investigation that commenced on December 20, 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The filing reveals that as a result of this investigation, Binance.US has provided over 700,000 individual communications and specific data related to its day-to-day operations.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This statement suggests that the company has shown efforts to be transparent and responsive to the SEC&#8217;s inquiries.\u00a0<\/span><span style=\"font-weight: 400\">It also indicates a willingness to comply and provide the necessary information during the investigative process.<\/span><\/p>\n<h2>SEC Accuses CZ Of Moving $12 Billion In Funds And Seeks Asset Freeze<\/h2>\n<p><span style=\"font-weight: 400\">On June 5, the US SEC made a significant move by <\/span><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-101\" rel=\"nofollow\"><span style=\"font-weight: 400\">filing 13 charges against Binance entities<\/span><\/a><span style=\"font-weight: 400\"> and its founder, Changpeng Zhao.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The charges were related to the operation of unregistered exchanges, broker-dealers, and clearing agencies, among others. <\/span><span style=\"font-weight: 400\">The regulator also alleged that the crypto exchange allowed US customers to engage in such trading, further violating securities laws.<\/span><\/p>\n<figure id=\"attachment_537674\" aria-describedby=\"caption-attachment-537674\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-537674 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/BNBUSDT_2023-06-13_17-31-39.png?resize=860%2C454\" alt=\"Binance.US Responds to Motion Seeking Fund Freeze, Asserts SEC&#039;s Claims Are Invalid\" width=\"860\" height=\"454\"><figcaption id=\"caption-attachment-537674\" class=\"wp-caption-text\">BNB is up by over 6% on the chart l Source: <a href=\"https:\/\/www.tradingview.com\/x\/5Xgh4iv5\/\" rel=\"nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">In addition to the charges, the SEC claimed that Binance CEO had access to the exchange&#8217;s customer funds, alleging he orchestrated the <\/span><a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.dcd.256060\/gov.uscourts.dcd.256060.21.0_2.pdf\" rel=\"nofollow\"><span style=\"font-weight: 400\">movement of $12 Billion<\/span><\/a><span style=\"font-weight: 400\"> through a privately-controlled entity, Merit Peak.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The following day, on June 6, the <\/span><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-103\" rel=\"nofollow\"><span style=\"font-weight: 400\">SEC filed an emergency motion<\/span><\/a><span style=\"font-weight: 400\"> for a temporary restraining order against Binance, further intensifying its efforts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The motion was intended to stop any transactions or movements of money on Binance.US. <\/span><span style=\"font-weight: 400\">This legal action marked a pivotal moment in the popular cryptocurrency exchange&#8217;s regulatory scrutiny.<\/span><\/p>\n<p>Featured image from Pixabay and chart from Tradingview.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance.US has submitted its defense before the June 13 hearing to determine the freezing of its funds. Binance.US criticized the Securities and Exchange Commission&#8217;s (SEC) motion for a temporary restraining order, describing it as draconian and unduly burdensome.\u00a0 The exchange also voiced opposition, arguing that the proposed measures would place excessive restrictions and \u201ceffectively end\u201d its business. Related Reading: XRP Could Be Set For A Breakout As Investment Inflows Continue Notably, the hearing on the restraining order will take place in the US District Court for the District of Columbia on June 13 before DCJ Amy Berman Jackson. Closure Of BAM Trading Services Inc. Would Harm Customers And Inhibit The Defense, Binance.US In a recent opposing motion, Binance.US expressed that implementing the restraining order would result in the closure of BAM Trading Services Inc., the entity responsible for providing crypto trading and exchange services for Binance.US. &#8220;The requested relief would primarily harm BAM\u2019s customers, effectively put BAM out of business, and prevent BAM from defending itself in this litigation,&#8221; said the company. Binance believes operations would \u2018quickly grind to a halt\u2019 without the ability to pay its employees and professionals in the ordinary course of business, and BAM would be unable to even fund its \u2018defense\u2019 to this action. Binance.US notably criticized the regulator&#8217;s approach in pursuing legal action, asserting that the US SEC failed to identify any security trading on BAM&#8217;s platform, causing all of the SEC&#8217;s claims to fail. In addition, Binance.US stated that it had actively engaged in cooperation with an ongoing SEC investigation that commenced on December 20, 2020. The filing reveals that as a result of this investigation, Binance.US has provided over 700,000 individual communications and specific data related to its day-to-day operations. This statement suggests that the company has shown efforts to be transparent and responsive to the SEC&#8217;s inquiries.\u00a0It also indicates a willingness to comply and provide the necessary information during the investigative process. SEC Accuses CZ Of Moving $12 Billion In Funds And Seeks Asset Freeze On June 5, the US SEC made a significant move by filing 13 charges against Binance entities and its founder, Changpeng Zhao. The charges were related to the operation of unregistered exchanges, broker-dealers, and clearing agencies, among others. The regulator also alleged that the crypto exchange allowed US customers to engage in such trading, further violating securities laws. In addition to the charges, the SEC claimed that Binance CEO had access to the exchange&#8217;s customer funds, alleging he orchestrated the movement of $12 Billion through a privately-controlled entity, Merit Peak. The following day, on June 6, the SEC filed an emergency motion for a temporary restraining order against Binance, further intensifying its efforts. The motion was intended to stop any transactions or movements of money on Binance.US. This legal action marked a pivotal moment in the popular cryptocurrency exchange&#8217;s regulatory scrutiny. Featured image from Pixabay and chart from Tradingview.com<\/p>\n","protected":false},"author":584,"featured_media":537676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,79611,6664,3799],"class_list":["post-537668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-bnbusdt","tag-crypto","tag-sec"],"acf":[],"yoast_head":"\n<title>Binance.US Responds To Motion Seeking Fund Freeze, Asserts SEC&#039;s Claims Are Invalid<\/title>\n<meta name=\"description\" content=\"Binance.US expressed that implementing the restraining order would result in the closure of BAM Trading Services Inc\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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