On June 7th, a US court granted the SEC's motion to freeze the assets of Binance subsidiaries, BAM Management and BAM Trading, in the country to prevent the dissipation or withdrawal of these assets from the court's jurisdiction. The court ordered Binance to return all fiat currencies and cryptocurrencies held in Binance. us accounts to its customers within ten days. The case against Binance's US subsidiaries is under review, and the broader implications for Binance are yet to be determined.
This follows the SEC's recent accusation of Coinbase violating securities law by not registering its exchange, broker, and clearing agency services under the SEC.