Before Suing Them, Gary Gensler Once Offered to Be A Binance Advisor
The Breakdown
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Binance US's Asset Freeze Is a Step in the Right Direction
Binance US have already halted trading on their over-the-counter desk and announced the removal of some advanced trading pairs. The SEC are asking for this asset freeze to be ordered at a preliminary hearing ahead of a full trial. On Wednesday, a conference call was held to set out a timeline. This will be our first chance to see whether the judge finds merit in the SEC's case and their extremely aggressive litigation strategy. In the worst case scenario, the assets could be locked away by the middle of next week.
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