Agreement Reached With SEC, Binance US Assets Avoid Freeze

RediksiaTuesday, 20 June 2023 | 21:12 GMT+0000
agreement reached with sec binance us assets avoid freeze 7f4a009

DIKSIA.COM - NEW YORK – The District Court Judge Amy Berman Jackson reportedly approved a settlement between the cryptocurrency exchange platform .US, , and the US Securities and Exchange Commission (SEC).

Furthermore, Jackson stated that she rejected the SEC's request for a temporary restraining order (TRO) against Binance.US and chose not to freeze any assets held by Binance.US.

“We are pleased to inform you that the US Court has denied the SEC's request for a TRO and asset freeze on our platform, which is clearly unjustifiable both in fact and law,” tweeted Binance.US on Sunday (June 18, 2023).

According to the agreed-upon terms, only Binance.US employees will have access to client funds until the litigation is resolved.

Additionally, US-based customers will be able to maintain the ability to withdraw funds during this period.

“No evidence has been presented by the SEC regarding the misuse of customer assets. In fact, the SEC's attorneys admitted in Court earlier this week, when questioned by the Judge, that they do not have evidence indicating such occurrences have taken place,” said Binance.US regarding the allegations of mismanagement of funds.

Earlier this month, the SEC filed an emergency motion for a temporary restraining order after accusing Binance CEO Changpeng Zhao of having access to Binance.US customer funds in the lawsuit.

The regulator alleged that Zhao moved $12 billion in Binance funds through an entity he controls called Merit Peak.

Prior to the hearing on the restraining order, Binance.US and Zhao submitted a joint memorandum denying any misuse of customer funds.

According to them, the SEC has not identified a single instance where customer funds of Binance.US have been misused.

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