• The SEC has requested a US court to provisionally seize Binance-related assets.US as it pursues prosecution of the company.
• In addition, the Commission desires a shortened discovery period and alternative service in lieu of traditional physical service.
• The crypto community and industry executives have criticized the SEC harshly in solidarity with Binance.

The Securities and Exchange Commission (SEC) is applying intense regulatory pressure to the digital asset market, with Binance and Coinbase at the forefront. According to experts, this may only be the beginning.

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To defend consumers, the SEC filed a lawsuit against Binance less than a day ago and is now seeking to seize its assets. According to a filing made at the DC District Court, the SEC has asked the magistrate to suspend two companies' assets belonging to Binance.US.

BAM Management US Holdings and BAM Trading Services are the holding and operating entities for Binance US, respectively. The motion also requests the return of customer funds held by the two corporations, whether in fiat currency or digital assets.

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If the motion is granted, overseas funds will be repatriated to the United States, and the companies, along with CEO Changpeng Zhao (CZ), will be required to show cause in opposition to a pending preliminary injunction. In addition, the motion requires Binance US to maintain all records without destroying, mutating, or otherwise altering anything.

The Commission desires to expedite the entire procedure "to ensure the safety of customer assets and prevent the dissipation of available assets for any judgment" and will implement substituted service in lieu of the conventional physical method.

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Following its regulatory conflict with the SEC, the digital asset community and industry leaders have provided Binance with substantial support. In its response, the corporation stated that it would "vigorously" defend its reputation and refute all allegations.The attempt to capture Binance.US assets have initially been criticized in social media digital asset spaces. Kevin O'Leary of Shark Tank stated that the move will deprive Binance of oxygen and that the entire industry may need to find a new safe sanctuary.

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Crypto enthusiasts have responded to Gary Gensler's remarks regarding the similarities between Binance US and FTX by asking why FTX was not prosecuted and Binance is being unjustly targeted. The recent assault on Binance, according to Ripple's CEO Brad Garlinghouse, was an attempt to "distract users from how it handled FTX."