The US SEC requires the freezing of assets related to Binance.US, and issued a temporary restraining order to Binance subsidiary BAM and Zhao Changpeng

The U.S. Securities and Exchange Commission (SEC) issued a temporary restraining order against Binance and its affiliates BAM Management, BAM Trading, and Binance CEO Changpeng Zhao, requiring the freezing of assets related to Binance.US. In the document, the U.S. SEC also mentioned that Binance is prohibited from “destroying, changing or hiding relevant records”; it stated that BAM Trading’s pledge plan on Binance.US is an investment contract and therefore falls within the definition of securities; Binance and Zhao Changpeng guided BAM Trading Business Operations in the United States. “Within 10 days from the date of the court’s restraining order, each defendant shall return to the United States all fiat and crypto assets deposited, held, traded and/or accrued by investors on the Binance.US platform, including BAM pledge service plan.”