SEC Asks Court for Restraint Order to Freeze Binance.US Funds
The request for the freezing order applies to the Binance.Us companies and not to the exchange’s non-US entities. Besides, the order would also apply to dozens of accounts held by Binance.US at different banking institutions such as Axos Bank, Prime Trust, the defunct Silvergate Bank, and other institutions. advertisement The SEC alleges that two foreign entities – Sigma Chain and Merit Peak – controlled by Zhao, are also involved in improperly comingling billions of dollars of customers’ funds, with Binance’s funds. SEC said that the immediate restraint order was necessary. It added: This will “prevent the dissipation of available assets for any judgment, given the Defendants’ years of violative conduct, disregard of the laws of the United States.” In its lawsuit filed earlier this week, the SEC has accused Binance and Zhao on thirteen separate counts of defrauding investors, operating as an unregistered broker-de...