On Tuesday, the US Securities and Exchange Commission (SEC) requested that a federal court issue a temporary restraining order freezing all US assets of Binance, the largest cryptocurrency exchange in the world.

The motion, filed with the U.S. District Court for the District of Columbia, was made just a day after Binance and CEO Changpeng Zhao were sued by US regulators, who alleged they were operating a “web of deception,” operating an unlicensed securities exchange, and commingling customer funds before moving them to other entities improperly.

The SEC’s motion accused Binance of violating the law for years, with a “disregard” for US laws as they engaged in “evasion of regulatory oversight.”

Binance is controlled by a holding company in the Cayman Islands, however its US affiliate is Binance.US. Binance has noted the SEC’s motion only concerns Binance.US.

Following the filing of the motion, Binance.US issued a statement noting its normal deposit and withdrawal operations would continue on its platform, and that its user assets will remain safe. It also noted that it will respond to the legal actions in court, and it labeled the SEC actions “unwarranted.”

On Monday, the SEC alleged in its suit that Binance had artificially inflated trading volumes, commingled and diverted customer funds, failed to restrict US users from its platform, and deceived investors about its market surveillance controls.

Binance is also embroiled in legal actions with the Commodity Futures Trading Commission (CFTC) and the Justice Department.