SEC Freezes Binance Assets as Crypto Markets Remain Resilient
The SEC filed a motion to freeze Binance assets, requesting a temporary restraining order, according to a filing on Tuesday. The order is necessary to preserve the status quo, ensure the safety and availability of those assets held, and prevent dissipation or transfer of those assets from the jurisdiction of this Court. This request applies to BAM Trading and Bam Management, and the respective parties have between five and ten days to move the crypto assets involved in the restraining order to BAM.
This move comes after the SEC sued Binance and related parties, touching on securities violations, including details on several crypto tokens that it considers to be securities. The suit alleges that Zhao and Binance were allegedly "intimately involved" in directing the trading entity's business operations and providing crypto-related services to the Binance.US platform.
Despite regulatory crackdowns, Bitcoin and Ether have rebounded from the separate SEC suits against Binance and Coinbase over the past two days, rising 5.4% and 4%, respectively, during a 24-hour period. The global crypto market cap rose 3.81% to $1.13 trillion during the same time period, demonstrating the resilience of the market.