“By granting the order, the court has effectively frozen the assets of Binance entities BAM Management and BAM Trading and prevented them from transferring the assets except to recognized third-party custodians. It also requires Binance to repatriate any assets held outside of the United States on behalf of Binance.US customers.
Binance now has five days to ensure that all access to Binance.US customers’ funds is limited to the U.S. entity, and 30 days to transfer to Binance.US any assets that it holds in offshore entities on behalf of U.S. customers.
In the wake of the filing, Binance announced on Twitter that while the court order prohibits Binance.US from transferring funds to other entities, it does not impact the ability of Binance.US customers to access or withdraw their own funds.”
Binance now has five days to ensure that all access to Binance.US customers’ funds is limited to the U.S. entity, and 30 days to transfer to Binance.US any assets that it holds in offshore entities on behalf of U.S. customers.
In the wake of the filing, Binance announced on Twitter that while the court order prohibits Binance.US from transferring funds to other entities, it does not impact the ability of Binance.US customers to access or withdraw their own funds.”