Binance.US Rejects SEC’s Asset Block Request

Binance.US has responded to the US Securities and Exchange Commission’s (SEC) emergency request to freeze the exchange’s assets, calling it “draconian and overly burdensome”, claiming it would “virtually put an end” to their activities and BAM Trading Services as well.

The exchange stated that the SEC has not “identified a single securities transaction on BAM,” and have been disappointed with the Commission’s actions.

Binance.US further noted that “multiple cryptocurrency exchanges, including BAM, have operated in the United States for years without intervention from the SEC.”

On June 5, 2020, the SEC brought 13 charges against the bitcoin exchange and its CEO, Changpeng Zhao, accusing them of selling unregistered securities.

Binance.US has pushed back against the lawsuit, saying they are prepared to “resolutely defend themselves”, and are currently suspending USD deposits and have advised customers to withdraw fiat funds by June 13.

The Commission also filed a similar lawsuit against the Coinbase exchange on June 6.