Bloomberg reported that Binance US and the US Securities and Exchange Commission (SEC) could reach an agreement that could avoid a full freeze of assets. June 13th.
Judge calls for compromise
The SEC first filed charges against Binance.US and its affiliates on June 5, then requested a restraining order and asset freeze on June 8.
The SEC’s original order called for Binance US’s funds to be frozen and repatriated, but Judge Amy Berman-Jackson said in a recent hearing that freezing the funds entirely would have “significant consequences.” said it would. He said he would not approve an asset freeze until both parties reached a compromise agreement with a magistrate.
Another Yahoo Finance report suggests that the deal is due by June 15th.
Stakeholders also submitted Changed order Binance.US parent companies BAM Trading and BAM Management will then be able to continue to manage users’ fiat and crypto assets for the sole purpose of facilitating customer redemption.
The order also allows BAM companies to pay their normal operating expenses. The specific details regarding this will be determined by the SEC or courts in the future.
However, the amended order will require BAM companies to transfer crypto funds to newly created wallets controlled only by US company members. In addition, BAM firms must provide SEC attorneys with detailed information related to accounts, balances, customers, and other information.
These requirements address one of the SEC’s core concerns: the potential for Binance CEO Changpeng Zhao and other executives and companies located outside the US to access US customer funds.
Binance.US no longer supports USD
Orders are not approved in any form. However, Binance.US has previously claimed that a mere request led to the breakdown of its relationship with its banking partners.
Binance.US Announces Suspension USD withdrawal channel As early as June 13th, it will only handle cryptocurrencies. status page Indicates that all USD withdrawal methods are currently disabled (except ACH transfers, which are labeled as “Degraded”).
This service change pertains only to Binance.US and US customers. This has nothing to do with users of Binance.com or other global Binance users.
A post directing Binance.US and the SEC to compromise on restraining orders first appeared on CryptoSlate.
