BTC-Newswire

Binance.US Reaches Agreement With SEC On U.S. Operations Amid Ongoing Lawsuit

Press Releases Crypto News Bitcoinist Binance.US Reaches Agreement With SEC On U.S. Operations Amid Ongoing Lawsuit

In the latest turn of events, Binance.US has struck an agreement with the United States Securities and Exchange Commission (SEC), allowing the crypto company to continue its operations even as it battles the fraud charges levied against it by the commission.

Originally, the SEC had filed for a court order on June 6, requesting a temporary restraining order on Binance.US operations along with a freeze of all assets on the trading platform.

However, presiding Judge Amy Jackson refused to grant the order, instead enjoining both parties to come to an agreement that would protect consumer assets without needing to close down the exchange.

According to a press release by the SEC yesterday, both parties had finally reached an understanding, gaining court approval for implementation. However, the initial lawsuit remains in court.

On June 5, the SEC levied 13 charges against Binance.US, its global partner Binance, and their founder, Changpeng Zhao, accusing all parties of running “a web of deception.”

These charges included “operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls and oversight on the Binance.US platform, and the unregistered offer and sale of securities.”

Binance To Repatriate US Customer Funds, Among Others

According to SEC’s statement on its agreement with Binance.US and its co-defendants, all parties have agreed to “repatriate to the United States assets held for the benefits of customers of the Binance.US crypto platform.”

Furthermore. Binance.US is mandated to maintain all its customer assets in the U.S. pending a definitive order on the ongoing court case. The U.S.-based exchange is restricted from all types of spending except those for “ordinary course business expenses,” for which even the SEC must be provided with an oversight.

Finally, Binance.US is strictly prohibited from providing co-defendants, Binance, or Changpeng Zhao any

Go to Source to See Full Article
Author: Semilore Faleti

Did you like this?
Tip BTC Newswire with Cryptocurrency