Binance US Says Asset Freeze Sought by SEC Will Cripple Crypto Exchange
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Binance.US urged a federal judge to reject a Securities and Exchange Commission request to freeze billions of dollars of assets on the cryptocurrency exchange during a legal fight with the regulator, arguing the move would cripple its business and hurt customers.
“Operations would quickly grind to a halt” without the ability to pay employees, vendors, suppliers and professionals or to maintain the trading platform, Binance.US attorneys said Monday in a court filing. “With a freeze of all corporate assets, banking partners would most likely cease to honor requests to transfer funds for any purpose, including customer redemptions.”