In a recent development, US District Judge Amy Berman Jackson has rejected the Securities and Exchange Commission’s (SEC) request to freeze the assets of Binance.US, the American arm of the cryptocurrency trading platform Binance. The court has instead directed both parties to work together in finding a solution that would protect customer funds while allowing Binance.US to continue its operations without interruption and gave the parties until Thursday, June 15 to work out the final details.

The SEC’s initial lawsuit against Binance.US, filed on June 5th, included a plea to freeze all assets of the platform, alleging potential commingling of customer funds and offshore transfers. 

However, such a freeze would have had severe consequences not only for Binance.US but also for the broader digital asset markets, especially if the allegations proved unfounded.

Binance.US And SEC Collaborate to Avoid Total Asset Freeze

Binance.US and the US Securities and Exchange Commission (SEC) have reached an agreement to work together in order to prevent a complete asset freeze on the cryptocurrency trading platform. This comes after the SEC accused Binance of operating illegally, prompting legal action and a potential freeze of Binance’s US assets.

During a hearing in Washington, US District Judge Amy Berman Jackson stated that the two parties were not far from finding ways to safeguard custom

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Author: Scott Matherson

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