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News

SEC’s Request To Freeze Binance.US Assets Has Been Denied By US Judge

June 13, 2023 - Around 3 mins mins to read

Key Points:

  • Binance.US has convinced the US Judge to deny the SEC’s request to freeze assets.
  • This will allow Binance.US to continue operating while discussing the ban with regulators.
  • The Securities and Exchange Commission and Binance’s attorneys were asked to continue negotiating limits on the company and report back on Thursday.
According to Coindesk, the federal judge responsible for overseeing the lawsuit of the United States Securities and Exchange Commission (SEC) and the world’s largest cryptocurrency exchange declined to issue a temporary restraining order to freeze Binance.US assets during the investigation.
SEC's Request To Freeze Binance.US Assets Has Been Denied By US Judge

This will allow Binance.US to continue operating while discussing the ban with regulators. If the parties can agree on restrictions, District of Columbia Judge Amy Berman Jackson said there is “absolutely no need” to issue an injunction.

At the same time, the judge ordered Binance.US to provide the court with a list of its business expenses and ordered the two sides to continue negotiations and report to the court before leaving work on Thursday.

In a courtroom of people sitting in Washington, a judge rejected SEC attorneys’ recommendation to freeze all company assets until it can be proven that no one on the global platform Binance users, including Changpeng Zhao, can access their private keys.

When asked if any of the Binance.US customer funds had left the US, the judge appeared dismayed with what she heard after multiple SEC attorneys spoke of the relationship. Their primary focus is the global platform of Binance that controls enough private funds.

Earlier in the day, the judge gave some hints that she might be inclined to grant some restriction on Binance’s access to Binance.US assets but not a total restraining order, ordering the parties to reconcile their proposed regulations and the SEC to compare what it desired with what the parties presented in place of the restraining order itself.

SEC's Request To Freeze Binance.US Assets Has Been Denied By US Judge

LAST WEEK, the SEC previously sued Binance and Binance.US, along with Binance founder Changpeng Zhao (CZ), alleging they were operating as a stock exchange, brokerage, and settlement agency unregistered clearing. The regulator also alleges the massive mixing of funds allowed Zhao to access Binance.US customer assets.

The crypto exchange has denied the claims in its response to the motion, arguing that the SEC has not conclusively proven that it lists any securities and that the regulator, the court, did not present any evidence to support an urgent motion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

News

SEC’s Request To Freeze Binance.US Assets Has Been Denied By US Judge

Key Points:

  • Binance.US has convinced the US Judge to deny the SEC’s request to freeze assets.
  • This will allow Binance.US to continue operating while discussing the ban with regulators.
  • The Securities and Exchange Commission and Binance’s attorneys were asked to continue negotiating limits on the company and report back on Thursday.
According to Coindesk, the federal judge responsible for overseeing the lawsuit of the United States Securities and Exchange Commission (SEC) and the world’s largest cryptocurrency exchange declined to issue a temporary restraining order to freeze Binance.US assets during the investigation.
SEC's Request To Freeze Binance.US Assets Has Been Denied By US Judge

This will allow Binance.US to continue operating while discussing the ban with regulators. If the parties can agree on restrictions, District of Columbia Judge Amy Berman Jackson said there is “absolutely no need” to issue an injunction.

At the same time, the judge ordered Binance.US to provide the court with a list of its business expenses and ordered the two sides to continue negotiations and report to the court before leaving work on Thursday.

In a courtroom of people sitting in Washington, a judge rejected SEC attorneys’ recommendation to freeze all company assets until it can be proven that no one on the global platform Binance users, including Changpeng Zhao, can access their private keys.

When asked if any of the Binance.US customer funds had left the US, the judge appeared dismayed with what she heard after multiple SEC attorneys spoke of the relationship. Their primary focus is the global platform of Binance that controls enough private funds.

Earlier in the day, the judge gave some hints that she might be inclined to grant some restriction on Binance’s access to Binance.US assets but not a total restraining order, ordering the parties to reconcile their proposed regulations and the SEC to compare what it desired with what the parties presented in place of the restraining order itself.

SEC's Request To Freeze Binance.US Assets Has Been Denied By US Judge

LAST WEEK, the SEC previously sued Binance and Binance.US, along with Binance founder Changpeng Zhao (CZ), alleging they were operating as a stock exchange, brokerage, and settlement agency unregistered clearing. The regulator also alleges the massive mixing of funds allowed Zhao to access Binance.US customer assets.

The crypto exchange has denied the claims in its response to the motion, arguing that the SEC has not conclusively proven that it lists any securities and that the regulator, the court, did not present any evidence to support an urgent motion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News