SEC's Crypto Crackdown Sends Shockwaves Through Altcoin Market and Exchanges.

Binance.US argues that the SEC's attempt to freeze its funds is a "draconian and unduly burdensome" move that would effectively end its business. The SEC sued Binance, Binance.US and its founder last week on allegations that the companies operated as an unregistered securities exchange, broker and clearinghouse all in one to allow U.S. customers to buy and trade certain cryptocurrencies that the regulator claimed were unregistered securities. Binance.US proposed an alternative stipulation that calls for the company to repatriate all assets to BAM Trading's "possession, custody and control," affirm that only Binance.US employees have access (which would exclude Zhao) and ensure that no one from the global Binance exchange can access these funds.