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SEC Files Emergency Action against Binance and Founder Changpeng Zhao to Protect Customer Assets

SEC Release | Jun 6, 2023

Regulation on tech - SEC Files Emergency Action against Binance and Founder Changpeng Zhao to Protect Customer Assets

The U.S. Securities and Exchange Commission (SEC) has taken emergency action against cryptocurrency platform Binance.US and its founder, Changpeng Zhao.

They want to freeze assets and force the return of assets held for customers. This action is to make sure customer assets are safe and stay in the U.S. while the SEC investigates further.

Read:  SEC Files Charges Against Binance for Mishandling Funds and Deceiving Regulators

In this emergency move, the SEC is asking for eight things:

  • They want an explanation as to why an early court order shouldn't be applied to Binance and Zhao.
  • They want to freeze BAM Management's assets.
  • They want the return of assets held for customers of BAM Trading or BAM Management.
  • They want further actions to protect the assets of BAM's customers.
  • They want to stop the defendants from destroying records.
  • They want a sworn statement of specific assets from the defendants.
  • They want the right to quickly get information from the defendants.
  • Lastly, they want the approval for alternate ways of service.

View the original release --> here

NCFA Jan 2018 resize - SEC Files Emergency Action against Binance and Founder Changpeng Zhao to Protect Customer AssetsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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