SEC Seeks to Freeze Binance Assets, Serve CEO via Alternative Means

• The U.S. Securities and Exchange Commission (SEC) is asking courts for permission to freeze the assets of the companies operating as Binance.US: BAM Trading and BAM Management, as well as be able to serve Binance CEO Changpeng Zhao via unspecified non-traditional methods.
• The SEC also wants to compel the firms to provide full accounting information and refrain from concealing or destroying any relevant documents.
• SEC Chair Gary Gensler said the firm is being sued over “an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”

SEC Asks Courts for Permission

The U.S. Securities and Exchange Commission (SEC) is asking courts for permission to track down Binance CEO Changpeng Zhao in an “alternative” manner. In a new court filing, the SEC asks the District of Columbia Court for permission to freeze the assets of the companies operating as Binance.US: BAM Trading and BAM Management, as well as be able to serve Binance CEO Changpeng Zhao via unspecified non-traditional methods.

SEC’s Requested Action

In the document, the SEC says it wants to “exercise its equitable power” to “repatriate and freeze” the assets of BAM Management and BAM Trading and compel the firms to provide full accounting information and refrain from concealing or destroying any relevant documents. Furthermore, the regulatory agency is also seeking the court’s permission to serve Binance and Zhao “via alternative means,” though it’s unclear what exactly is implied by such.

Background Information

Earlier this month, the SEC sued Binance for allegedly violating securities laws. A day later, it also sued Coinbase for similar reasons as well as filed a motion to freeze the assets of BAM Trading and BAM Management.

Gensler’s Statement

In the original complaint against Binance, SEC Chair Gary Gensler said that firm was being sued over “an extensive web of deception, conflicts of interest, lack of disclosure,and calculated evasionofthe law.”

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