The US Securities and Exchange Commission has filed a temporary restraining order to freeze Binance assets after investors pulled $780million out of the exchange in just 24 hours.
The commission is trying to get its hands on the assets of Binance.US — the American branch of the world’s largest crypto exchange.
In a court filing on Tuesday, it argued: ‘An order freezing BAM’s assets is necessary to preserve the status quo, prevent dissipation or transfer of those assets from the jurisdiction of this Court, and protect this Court’s ability to award relief in the form of disgorgement, prejudgment interest and civil penalties.’
The motion comes a day after US regulators sued Binance and its CEO Changpeng Zhao for allegedly operating a ‘web of deception’, cranking up the pressure on the crypto exchange.
This is a breaking news story and will be updated.
The markets were rocked by the news about Binance – the largest crypto trading platform in the world
Source: | This article originally belongs to Dailymail.co.uk