TechFlow News — On June 7, Binance US tweeted a response to news that the U.S. Securities and Exchange Commission (SEC) had filed a motion to freeze its assets. Binance US stated that user funds are secure and the platform will continue full operations with normal deposit and withdrawal functionality.
Additionally, the company said the SEC's request for a preliminary injunction is unfounded and appears designed primarily to give SEC staff an advantage in litigation, rather than stemming from genuine concern for customer asset safety.
Binance US's legal counsel has addressed the SEC staff's concerns about customer asset security through extensive dialogue and provided information demonstrating how customer assets are safeguarded.
Nonetheless, despite these efforts, SEC staff decided to proceed with filing the motion seeking a temporary restraining order and preliminary injunction. Binance US expresses disappointment over this action and will vigorously defend itself in court.
