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Exchange News- Judge instructs SEC and Binance.US to find compromise, prevent asset freeze.
- SEC files urgent motion for restraining order against Binance.US on June 6.
Binance.US and the Securities and Exchange Commission have reached an agreement to collaborate on a resolution that avoids a complete asset freeze at the cryptocurrency trading platform, following allegations of illegal operations by the regulator.
The recent statement from US District Judge Amy Berman Jackson highlights the significant progress made by both parties in identifying ways to protect billions of dollars in customer funds, without the need to shut down the exchange during the SEC’s lawsuit. The judge has directed them to collaborate with a magistrate judge to finalize a compromise agreement that addresses this critical aspect.
Recognizing the ongoing negotiations between the parties, Judge Jackson confirmed that she would refrain from rendering a final judgment on the SEC’s motion for a temporary restraining order until the matter had been thoroughly addressed with the assistance of the magistrate.
According to reports, prior to Judge Jackson’s decision, former SEC enforcement attorney John Read Stark shared with his Twitter followers that there was significant disagreement between the parties regarding their desired outcomes from the hearing.
On June 6, the Securities and Exchange Commission (SEC) filed an urgent motion for a temporary restraining order against Binance.US, citing concerns that Binance CEO Changpeng “CZ” Zhao could access customer funds held at Binance.US.
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Source: https://thenewscrypto.com/binance-us-and-sec-might-collaborate-to-prevent-asset-freeze/