customer assets in the United States for the duration of the litigation and to facilitate customer withdrawals (3) expressly prohibits BAM from transferring any assets or funds, or from providing control over such assets or funds, to co-defendants Binance Holdings Limited, Changpeng Zhao, or their affiliates (4) restricts BAM from spending assets or funds except for ordinary course business expenses and requires BAM to provide the SEC with oversight over such expenses (5) prohibits all of the defendants from destroying records (6) requires all of the defendants to submit expedited sworn accountings of certain assets to the SEC and (7) requires all of the defendants to submit to expedited discovery by the SEC on the custody and security of customer assets. customers (2) requires BAM to maintain U.S. Specifically, the order (1) requires all of the defendants to repatriate to the United States assets held for the benefit of BAM’s U.S. customers will be able to withdraw their assets from the platform while we work to resolve the alleged underlying misconduct and hold Zhao and the Binance entities accountable for their alleged securities law violations.” Grewal, Director of the SEC’s Division of Enforcement. “Given that Changpeng Zhao and Binance have control of the platforms’ customers’ assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets,” said Gurbir S. The order helps ensure that Binance.US customers are permitted to withdraw their assets from the platform and that those assets that remain on the platform are protected and remain in the United States through the resolution of the SEC’s pending litigation against Binance Holdings Ltd., BAM, and their founder, Zhao. (together, “BAM”) from spending corporate assets other than in the ordinary course of business. The order from the United States District Court for the District of Columbia also prohibits defendants BAM Trading Services Inc. As things currently stand, the price of BNB is exchanging hands at $338.16 and boasts a market cap of roughly $51 billion.The Securities and Exchange Commission today secured emergency relief in which the all the defendants in its litigation against Binance Holdings Limited, BAM Management US Holdings Inc., BAM Trading Services Inc., and Changpeng Zhao agreed to repatriate to the United States assets held for the benefit of customers of the Binance.US crypto trading platform. In light of this Binance news, the exchange’s native cryptocurrency BNB, witnessed a gain of roughly 0.11% in the past one hour.
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