A Securities and Exchange Commission (SEC) Monday effort to freeze Binance US’s funds is a “draconian and unduly burdensome” move, the U.S. affiliate of the global crypto exchange argued Monday.
“If the Court does address the merits of the SEC’s motion, it should deny that motion. The SEC seeks unnecessary and unjustified relief. Far from requesting relief that is ‘carefully calibrated’ to ‘maintain the status quo’ … the SEC’s proposed remedies would effectively end BAM’s business,” Binance.US’s motion argued.
Binance and Binance.US had already denied the claims in blog posts and tweets last week, but Monday marked a court-ordered deadline for a formal response. The U.S. District Court for the District of D.C. will hold a hearing on the motion on Tuesday, June 13 at 2:00 p.m. ET.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn