BinanceUS responds to fraud, market manipulation, asset safeguarding claims

Binance.US responded in court to the Securities and Exchange Commission’s claims of fraud, market manipulation, and misleading customers as to the location and safety of their assets, a week after the agency filed a civil enforcement action against the company.

That timeline tracks with the investigative timeline laid out by the SEC last week. But the agency argues that Binance.US has not provided “reassuring” answers regarding where customer assets are stored. Responding to the SEC's allegations that it commingles customer assets with funds controlled by Zhao, lawyers representing Binance.US's parent company, BAM Trading, responded that it"with its banking partners, separate from any corporate funds."

The filing pushing back on SEC claims comes in preparation for tomorrow’s hearing on a temporary restraining order on Binance.US requested by the SEC that would effectively freeze the U.S. affiliate’s assets except for customer withdrawals.This is a developing story.

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