SEC seeks freeze on Binance.US assets amid claims
In a bold regulatory move, the U.S. Securities and Exchange Commission (SEC) has initiated steps to freeze the assets of Binance.US amid allegations of securities law violations.
On 5th June, the SEC took legal action against Binance, its CEO Changpeng Zhao (widely known as CZ), and Binance.US for perceived violations of securities legislation in the United States. The SEC additionally accused Binance.US of mixing clients' capital with a business entity under CZ's control. As part of the same litigation, the watchdog named ten cryptocurrencies, including Solana and Cardano, as securities.
The significant point in the submitted document suggested that a restraining order is necessary to freeze the exchange's assets with the goal of "preserving the status quo, preventing dissipation or transfer" of the capital to another jurisdiction. This step would also uphold the court's capacity to "award relief in the form of disgorgement, prejudgement interest, and civil penalties."
The filing stipulated:
"Defendants BAM Management and BAM Trading and their agents, servants, employees, attorneys-in-fact, and those persons in active concert (…) shall hold and retain within their control, and otherwise prevent any disposition, transfer, pledge, encumbrance, assignment, dissipation, concealment, or other disposal whatsoever of any of their funds or other assets or things of value (…)"
The document also underscored that client funds must solely be under the control of BAM Trading within five days following court approval. The SEC's primary aim is to revoke Binance and its CEO, Zhao's capacity or involvement in the transfer or withdrawal of U.S. customer resources. The filing went on to state:
"Ensure that neither Defendant Binance, nor Defendant Zhao, nor any of the Binance Entities obtains possession, custody, or control over Customer Assets, including by being designated as an account holder or signatory of any account or wallet holding Customer Assets without first obtaining leave of the Court"
In addition, the submission petitions Binance.US to redirect all crypto assets to a distinct wallet with fresh private and administration keys. It also posits that these novel details must not be handed over to Binance, CZ, or related bodies. This measure should be finalized within 30 days from the court's issuance of the restraining order.
Upon sanctioning, the CEO and CFO would need to provide written approval for any transfers exceeding $100,000. Furthermore, Binance.US might be permitted to relocate its staking service to either BitGo or Aegis, conditional on meeting the SEC's requirements.
Binance.US responded to the SEC's allegations by way of a Twitter post, declaring the preliminary injunction filing as unwarranted. The American subsidiary of the crypto exchange voiced its disillusionment regarding the predicament.
CZ, augmenting Binance.US's stance, leveraged his Twitter account to elucidate that the SEC's actions are targeted solely at Binance.US and not its parent site, Binance.com. He further allayed community fears, asserting the security of their investments.
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Martin, I would appreciate that you do not censor this post, as it’s informative writing.
Onur, there is a misleading statement “[…] GIFs are animated images …”. No, obviously you don’t seem to have take much notice of what you were told back in March regarding; Graphics Interchange Format (GIF).
For example, https://www.ghacks.net/2023/03/31/whats-gif-explanation-and-how-to-use-it/#comment-4562919 (if you had read my replies within that thread, you might have learnt something useful). I even mentioned, “GIF intrinsically supports animated images (GIF89a)”.
You linked to said article, [Related: …] within this article, but have somehow failed to take onboard what support you were given by several more knowledgeable people.
If you used AI to help write this article, it has failed miserably.
AI is stupid, and it will not get any better if we really know how this all works. Prove me wrong.. https://www.youtube.com/watch?v=4IYl1sTIOHI
Martin, [#comment-4569908] is only meant to be in: [https://www.ghacks.net/2023/07/09/how-to-send-gifs-on-iphone-two-different-ways/]. Whereas it appears duplicated in several recent random low-quality non relevant articles.
Obviously it [#comment-4569908] was posted: 9 July 2023. Long before this thread even existed… your database is falling over. Those comments are supposed to have unique ID values. It shouldn’t be possible to duplicate the post ID, if the database had referential integrity.
Don’t tell me!
Ghacks wants the state to step in for STATE-MANDATED associations to save jobs!!!
Bring in the dictatorship!!!
And screw Rreedom of Association – too radical for Ghacks maybe
GateKeeper ?
That’s called “appointing” businesses to do the state’s dirty work!!!!!
But the article says itself that those appointed were not happy – implying they had not choice!!!!!!
@The Dark Lady,
@KeZa,
@Database failure,
@Howard Pearce,
@Howard Allan Pearce,
Note: I replaced the quoted URI scheme: https:// with “>>” and posted.
The current ghacks.net is owned by “Softonic International S.A.” (sold by Martin in October 2019), and due to the fate of M&A, ghacks.net has changed in quality.
>> ghacks.net/2023/09/02/microsoft-is-removing-wordpad-from-windows/#comment-4573130
Many Authors of bloggers and advertisers certified by Softonic have joined the site, and the site is full of articles aimed at advertising and clickbait.
>> ghacks.net/2023/08/31/in-windows-11-the-line-between-legitimate-and-adware-becomes-increasingly-blurred/#comment-4573117
As it stands, except for articles by Martin Brinkmann, Mike Turcotte, and Ashwin, they are low quality, unhelpful, and even vicious. It is better not to read those articles.
How to display only articles by a specific author:
Added line to My filters in uBlock Origin: ghacks.net##.hentry,.home-posts,.home-category-post:not(:has-text(/Martin Brinkmann|Mike Turcotte|Ashwin/))
>> ghacks.net/2023/09/01/windows-11-development-overview-of-the-august-2023-changes/#comment-4573033
By the way, if you use an RSS reader, you can track exactly where your comments are (I’m an iPad user, so I use “Feedly Classic”, but for Windows I prefer the desktop app “RSS Guard”).
RSS Guard: Feed reader which supports RSS/ATOM/JSON and many web-based feed services.
>> github.com/martinrotter/rssguard#readme
We all live in digital surveillance glass houses under scrutiny of evil people because of people like Musk. It’s only fair that he takes his turn.
“Operating systems will be required to let the user choose the browser, virtual assistant and search engine of their choice. Microsoft cannot force users to use Bing or Edge. Apple will have to open up its iOS operating system to allow third-party app stores, aka allow sideloading of apps. Google, on the other hand, will need to provide users with the ability to uninstall preloaded apps (bloatware) from Android devices. Online services will need to allow users to unsubscribe from their platform easily. Gatekeepers need to provide interoperability with third-parties that offer similar services.”
Wonderful ! Let’s hope they’ll comply with that law more than they are doing with the GDPR.