Chanpeng Zhao responds to SEC request to freeze funds: “assets are safe”

The CEO of Binance, Chanpeng Zhao (aka CZ), clarified that if the measure to freeze funds requested by the United States Securities and Exchange Commission (SEC) is granted, the only one affected will be the affiliate of the bitcoin (BTC) exchange. ) and cryptocurrencies in the North American country, Binance.US.

In a short message on Twitter, the CEO of the largest cryptocurrency exchange in the market by trade volume ($11.7 billion) Indian:

“The decision could only affect Binance.US, if granted by the court. It does NOT affect Funds are #SAFU.”

This means that people’s money is protected by the Safe Asset Fund for Users (SAFU). This emergency fund was created by Binance in July 2018. I would respond in case of hacks or serious circumstancessuch as the freezing of assets by order of a regulator, for example.

Binance.US, the US subsidiary of the parent company, Indian on Twitter that user assets “remain safe and secure.” Add besides that the platform is still fully operational“with deposits and withdrawals working normally,” he said.

CriptoNoticias was able to verify that the website is operational and operating normally in the United States.

The website is operational in the United States. Source: CriptoNoticias.

Binance.US hopes to defend itself in court

The company called the SEC’s request “unwarranted” and notes that the SEC has not expressed any concern for the security of client assets.

According to Binance.US, have provided information to the SEC about the safety of investors’ funds. But despite this “the SEC has decided to file the motion seeking a temporary restraining order and a preliminary injunction.”

“While we are disappointed by this action, we look forward to defending ourselves in court,” said the subsidiary of Binance Holdings Limited.

The SEC gave lunges to the industry, but without affecting bitcoin

As reported by CriptoNoticias, the United States Securities and Exchange Commission is seeking an order to freeze Binance.US funds. The SEC wants to freeze “both unknown and unknown” assets of the company and its founder and CEO, Chanpeng Zhao.

The application was filed on Tuesday, June 6, with the Court for the District of Columbia. It came on the same day that the SEC officially sued Coinbase, the second-largest cryptocurrency exchange on the market; and one day after he accused Binance.

The SEC accuses both companies of having violated the United States federal securities laws, by running a stock exchange and offering qualified crypto assets as securities, without prior license or registration.

Due to both lawsuits, the bitcoin (BTC) price was affected, considering that these are two of the largest companies in the ecosystem.

However, the storm seems to have passed. At the close of this article, the first cryptocurrency is traded in the order of USD 26,837, recovering by 5% in the last 24 hours, according to CoinMarketCap. That’s the price it was at just before the lawsuits were announced.


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