Crypto exchange Binance US has urged a federal judge to reject a request by the U.S. securities regulator to freeze its assets. The company won’t be able to maintain the trading platform or pay employees and vendors, defense attorneys said in a court filing.
‘No Need for the Draconian Relief Sought by the SEC,’ Binance US Lawyers Say
Binance US, the American subsidiary of the largest cryptocurrency exchange, Binance, has asked a federal judge to reject a request filed by the U.S. Securities and Exchange Commission (SEC) to freeze billions of dollars’ worth of assets under its management.
Last week, the SEC sought court approval to freeze crypto assets on the platform for the duration of a legal fight against Binance.US, Binance Holdings Ltd. and Binance founder and CEO Changpeng Zhao, citing concerns over the safety of customer funds.
“Operations would quickly grind to a halt,” attorneys representing Binance US said in a court filing on Monday, quoted by Bloomberg. The lawy
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