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Binance.US, a major cryptocurrency exchange, has taken steps to reassure its users amidst concerns arising from a motion by the United States securities regulator to freeze its assets expeditiously. In a tweet on June 6, Binance.US emphasized that user assets are secure and stated that the platform continues to operate fully, with deposits and withdrawals functioning normally.Earlier that same day, the Securities and Exchange Commission (SEC) submitted an emergency motion in the District of Columbia U.S. District Court, seeking a temporary restraining order against Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ). The motion outlined eight specific actions it requested. These actions include freezing the assets held by Binance.US and repatriating both fiat and cryptocurrency belonging to U.S. customers or held for their benefit. Additionally, the motion prohibits the defendants from tampering with records and imposes various conditions on discovery.Some individuals within the cryptocurrency community expressed concerns that the restraining order could potentially trigger a &#34;bank run&#34; on the exchange. However, it is essential to note that the emergency motion from the SEC is not anticipated to impact customers&#39; ability to withdraw funds directly and would still require approval from a district judge.Binance.US denounced the injunction as unwarranted and claimed it was a strategic move by the SEC to gain an advantage in litigation. The exchange stated that it had been engaged in discussions with the SEC over the past week, providing information to assure them of the safety of customer assets. Despite these efforts, the SEC filed the motion for a temporary restraining order and preliminary injunction. Binance.US expressed disappointment in the SEC&#39;s actions but expressed its determination to defend itself in court.It is worth noting that the SEC&#39;s lawsuit against Coinbase filed on the same day, alleges that Coinbase has been offering unregistered securities. The suit claims that Coinbase has operated as an unregistered security broker since 2019, evading the required disclosure framework for securities markets. This lawsuit against Coinbase shares similarities with the one brought against Binance on June 5.

Binance.US Says User Funds ‘Remain Safe’ Amid SEC Attempt to Freeze Assets

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Binance.​US Says User Funds ‘Remain Safe’ Amid SEC Attempt to Freeze Assets