Binance.US will have to repatriate customer funds to US and facilitate customer withdrawals: SEC

The Securities and Exchange Commission (SEC) has secured emergency relief to protect the assets of customers using the Binance.US crypto trading platform. The relief comes after litigation against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and founder Changpeng Zhao. As part of the relief, the defendants have agreed to repatriate assets held for the benefit of Binance.US customers to the United States and to abstain from using corporate assets outside the ordinary course of business. The order also prohibits these entities from transferring funds to co-defendants or affiliates, allows for SEC oversight of expenses, requires expedited sworn accountings of assets to the SEC, and demands that all defendants submit to expedited discovery by the SEC on the custody and security of customer assets. This measure ensures that Binance.US customers can continue to withdraw their assets and that the remaining assets are protected within the U.S during the ongoing litigation.