Judge Orders SEC and Binance.US to Reach Agreement and Avoid Assets Freezing
The SEC filed a motion on June 6 to freeze digital assets held by Binance.US, which Changpeng Zhao clarified was only applicable to the US division and not to the international exchange.
On June 12, Binance.US contested the Commission’s emergency appeal, criticizing it as “draconian and overly burdensome”.
According to Bloomberg, the judge then noted that the two sides were “not that far apart” in terms of how to protect client funds, and referred them to a justice of the peace to reach a compromise.
If a positive outcome is reached, there would be no need to make a decision on the SEC petition, and the SEC and Binance.US agreed that the former could allow the latter to fund normal expenses while preventing an asset freeze that could be “misinterpreted by banks.”
To this end, the court directed the US division of the bitcoin exchange to submit a list of expenses by noon June 15 local time.
