According to court documents, the SEC is seeking a temporary restraining order to freeze Binance US assets.
The US Securities and Exchange Commission (SEC) has requested a temporary restraining order to freeze the assets of Binance US, the American branch of the world’s largest cryptocurrency exchange Binance.
The request comes after the SEC sued Binance and its founder, Changpeng Zhao, on Monday, accusing them of conducting “an elaborate scheme to evade US federal securities laws” and diverting client funds for personal use.
A temporary restraining order to freeze assets is usually issued without notice to the other party and is valid for as little as two weeks.
The party subject to the decision can appeal the decision at a hearing and present evidence to show why the decision should be lifted or changed.