"Binance.US has responded to the Securities and Exchange Commission's (SEC) request to freeze its funds, arguing that such action could potentially lead to the termination of its operations," the crypto exchange said, adding that its court filing comes shortly before the hearing to emphasize the urgency of the matter.
Binance has expressed concerns over the potential consequences of the SEC's decision, including negative effect on its business activities. A fair and thorough assessment of the situation is needed before any decisions are made, it said.
On June 5, the SEC accused Binance of defrauding investors and concealing information about its operations. The complaint said that the exchange had secretly sent billions of dollars to a separate company, controlled by Binance's founder, Changpeng Zhao. Zhao, who lives in Dubai, dismissed the SEC’s charges on Twitter as untrue.