Binance.US says motion to freeze their assets would kill their business if court rules in favour of the motion

In an obvious tough spot, Binance US is facing having all their assets frozen due to a motion by the SEC presuming the court rules in favour of the motion. Binance filed document #40 titled "Memorandum in opposition to re #4 Motion for TRO". It describes the situation and potential outcome of the motion if approved as Binance operations would “would quickly grind to a halt” if the motion goes through. Further to this Binance also said that “With a freeze of all corporate assets, banking partners would most likely cease to honor requests to transfer funds for any purpose, including customer redemptions”.

Binance US has already announced "temporary" removal of fiat "/USD" quoted pairs such that they are in a sense going crypto-only. This is referred to as "temporary" as Binance claims that the halt on USD trading will last “until we secure more stable banking partners”. Depending on how this play out, temporary could easily mean something more permanent or at least issues may persist longer than expected.