Binance Comes to Agreement With SEC Following Attempt To Freeze Crypto Exchange’s Assets

2023/06/20 10:52

Binance has come to an agreement with the U.S. Securities and Exchange Commission (SEC) after the regulator attempted to freeze the American arm of the firm’s assets.

In a new court filing, the SEC has agreed to a proposal that lets Binance.US maintain sole possession of its customers’ assets.

“It is further ordered that on or before the date the Court issues this Consent Order, Stipulating Defendants will, through their officers and employees or a non-affiliated third party custodian within the United States, ensure, and each confirm to counsel of record for the SEC, that BAM Trading and BAM Management obtain and maintain sole possession, custody, and control of all customer assets.”

Changpeng Zhao, the chief executive of Binance, says that the issue with the regulator was resolved on mutual terms.

“Although we maintain that the SEC’s request for emergency relief was entirely unwarranted, we are pleased that the disagreement over this request was resolved on mutually acceptable terms. User funds have been and always will be safe and secure on all Binance-affiliated platforms.”

According to a report by Reuters, the agreement between the parties still needs to be approved by the judge presiding over the case.

Earlier this month, the SEC sued the crypto exchange under several allegations of breaking securities laws and other accusations.

The regulator also attempted to freeze the firm’s assets, which Binance.US said would effectively put the firm out of business as it would no longer be able to fund any of its operations.

At the time, lawyers for Binance said that the SEC’s application to freeze the company’s assets didn’t qualify as an “emergency” as the regulatory agency couldn’t prove that Binance mishandled or misused any of its customers’ funds.

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