Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
No Result
View All Result

SEC and Binance US Agree to Avoid Asset Freeze

Altszn.com by Altszn.com
June 20, 2023
in Bitcoin
0
SEC and Binance US Agree to Avoid Asset Freeze
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter


Binance US Asset Freeze Avoided

The U.S. Securities and Exchange Commission (SEC) and Binance.US, the U.S. arm of major cryptocurrency exchange Binance, have agreed to avoid freezing Binance.US assets. District Judge Amy Berman Jackson also approved the agreement.

The deal includes the repatriation of Binance Holdings, Binance US Operating Company (BAM) Trading Services (BAM) and other companies to the US, as well as Binance US client assets held in custody by Binance CEO Changpong Zhao (CZ). is also included.

It also charges BAM to keep US client assets in the US and process client withdrawals during the trial of the SEC’s lawsuit against Binance. Other items included:

  • BAM is prohibited from transferring assets or funds to affiliated companies such as Binance Holdings and Mr. CZ
  • Restricts BAM from disbursing funds, except for normal business expenses. SEC Oversight of BAM Expenditures
  • Prohibit Binance from destroying records
  • Require disclosure to the SEC regarding the custody and security of customer assets

The SEC initially sought to freeze Binance.US assets, but Binance said the request was “unnecessary and unreasonable,” effectively ending Binance.US’ business and putting client assets at risk. rice field.

Discussions between the SEC and Binance have since centered around this request. This time, the asset freeze seems to have been avoided.

connection: US SEC and Binance US start talks over asset freeze

SEC and Binance in conflict

Gurbil Grewal, Director of the SEC’s Enforcement Division, commented:

We will pursue the wrongdoings alleged in the SEC lawsuit and hold Binance and its CEO accountable for securities law violations and more. Meanwhile, it has ensured that US customers can withdraw their assets from the Binance platform.

The SEC alleges that CZ and Binance Global had custody of Binance US’s customer assets and were able to divert them at will. Grewal reiterated this claim, adding that the prohibitions imposed on Binance in the agreement are necessary to protect investor assets.

Meanwhile, Binance is refuting the SEC’s allegations that Binance US did not segregate customer assets.

connection: Binance US refutes SEC allegations, filing court documents

Binance US issued a statement on the deal, arguing that the court did not grant the SEC’s freeze request, which was “clearly unjustified both in fact and law.”

We want to provide an update on the current battle https://t.co/AZwoBOh0gq finds itself in with the SEC. We are pleased to inform you that the Court did not grant the SEC’s request for a TRO and freeze of assets on our platform which was clearly unjustified by both the facts and…

—Binance.US 🇺🇸 (@BinanceUS) June 17, 2023

By court order, we were able to reach an agreement with the SEC that allowed us to continue our normal business operations.

To date, the SEC has not provided evidence of misappropriation of customer assets. In fact, SEC attorneys acknowledged in court earlier this week, in response to a judge’s question, that there was no evidence to suggest that any misappropriation of assets occurred.

Binance US also claimed that “the SEC is trying to take down the cryptocurrency industry by any means possible”.

He added that while the SEC lawsuit has damaged Binance’s business and reputation, it remains determined to defend itself against false accusations and the SEC’s tactic of “regulation by enforcement.”

What is SEC

Established in 1934. Its purpose is to ensure fair trading and investor protection, and to prevent insider trading, corporate fraudulent accounting, and market manipulation. It also determines whether virtual currency falls under the category of securities. SEC stands for “Securities and Exchange Commission”, and in Japan the “Securities and Exchanges Surveillance Commission” plays a similar role.

▶Cryptocurrency Glossary

The post SEC and Binance US Agree to Avoid Asset Freeze appeared first on Our Bitcoin News.





Read More: bitcoinwarrior.net

Tags: AgreeAssetavoidBinanceBitcoinBTCfreezeSEC
ADVERTISEMENT

Recent

Bancor files patent infringement lawsuit against Uniswap over DEX tech

Bancor files patent infringement lawsuit against Uniswap over DEX tech

May 20, 2025
Pudgy Penguins Ink Book Deal with Top Publisher Random House

Pudgy Penguins Ink Book Deal with Top Publisher Random House

May 20, 2025
Validation Cloud deploys Web3 AI engine on Hedera

Validation Cloud deploys Web3 AI engine on Hedera

May 20, 2025

Categories

  • Bitcoin (4,739)
  • Blockchain (11,189)
  • Crypto (9,127)
  • Dark Web (519)
  • DeFi (8,289)
  • Ethereum (4,783)
  • Metaverse (7,280)
  • Monero (277)
  • NFT (1,346)
  • Solana (4,996)
  • Web3 (20,400)
  • Zcash (493)

Category

Select Category

    Advertise

    Advertise your site, company or product to millions of web3, NFT and cryptocurrency enthusiasts. Learn more

    Useful Links

    Advertise
    DMCA
    Contact Us
    Privacy Policy
    Shipping & Returns
    Terms of Use

    Resources

    Exchanges
    Changelly
    Web3 Jobs

    Recent News

    Bancor files patent infringement lawsuit against Uniswap over DEX tech

    Bancor files patent infringement lawsuit against Uniswap over DEX tech

    May 20, 2025
    Pudgy Penguins Ink Book Deal with Top Publisher Random House

    Pudgy Penguins Ink Book Deal with Top Publisher Random House

    May 20, 2025

    © 2022 Altszn.com. All Rights Reserved.

    No Result
    View All Result
    • Home
      • Home – Layout 1
      • Home – Layout 2
      • Home – Layout 3

    © Altszn.com. All Rights Reserved.

    • bitcoinBitcoin (BTC) $ 107,518.00
    • ethereumEthereum (ETH) $ 2,558.77
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.38
    • bnbBNB (BNB) $ 661.25
    • solanaSolana (SOL) $ 170.61
    • usd-coinUSDC (USDC) $ 0.999849
    • dogecoinDogecoin (DOGE) $ 0.231077
    • cardanoCardano (ADA) $ 0.758116
    • tronTRON (TRX) $ 0.269810
    • staked-etherLido Staked Ether (STETH) $ 2,558.72
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 107,163.00
    • suiSui (SUI) $ 3.89
    • wrapped-stethWrapped stETH (WSTETH) $ 3,071.36
    • chainlinkChainlink (LINK) $ 15.93
    • avalanche-2Avalanche (AVAX) $ 22.69
    • stellarStellar (XLM) $ 0.289805
    • hyperliquidHyperliquid (HYPE) $ 26.53
    • shiba-inuShiba Inu (SHIB) $ 0.000015
    • hedera-hashgraphHedera (HBAR) $ 0.196010
    • leo-tokenLEO Token (LEO) $ 8.82
    • bitcoin-cashBitcoin Cash (BCH) $ 397.11
    • the-open-networkToncoin (TON) $ 3.09
    • litecoinLitecoin (LTC) $ 95.16
    • polkadotPolkadot (DOT) $ 4.73
    • wethWETH (WETH) $ 2,554.39
    • usdsUSDS (USDS) $ 0.999854
    • moneroMonero (XMR) $ 360.48
    • wrapped-eethWrapped eETH (WEETH) $ 2,729.08
    • bitget-tokenBitget Token (BGB) $ 5.19
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • pi-networkPi Network (PI) $ 0.825405
    • pepePepe (PEPE) $ 0.000014
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 107,363.00
    • whitebitWhiteBIT Coin (WBT) $ 30.25
    • aaveAave (AAVE) $ 258.14
    • uniswapUniswap (UNI) $ 6.33
    • bittensorBittensor (TAO) $ 422.83
    • daiDai (DAI) $ 0.999816
    • nearNEAR Protocol (NEAR) $ 2.83
    • aptosAptos (APT) $ 5.21
    • okbOKB (OKB) $ 52.52
    • jito-staked-solJito Staked SOL (JITOSOL) $ 205.86
    • ondo-financeOndo (ONDO) $ 0.956350
    • kaspaKaspa (KAS) $ 0.112122
    • official-trumpOfficial Trump (TRUMP) $ 14.56
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • crypto-com-chainCronos (CRO) $ 0.097390
    • tokenize-xchangeTokenize Xchange (TKX) $ 36.02
    • bitcoinBitcoin (BTC) $ 107,518.00
    • ethereumEthereum (ETH) $ 2,558.77
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.38
    • bnbBNB (BNB) $ 661.25
    • solanaSolana (SOL) $ 170.61
    • usd-coinUSDC (USDC) $ 0.999849
    • dogecoinDogecoin (DOGE) $ 0.231077
    • cardanoCardano (ADA) $ 0.758116
    • tronTRON (TRX) $ 0.269810
    • staked-etherLido Staked Ether (STETH) $ 2,558.72
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 107,163.00
    • suiSui (SUI) $ 3.89
    • wrapped-stethWrapped stETH (WSTETH) $ 3,071.36
    • chainlinkChainlink (LINK) $ 15.93
    • avalanche-2Avalanche (AVAX) $ 22.69
    • stellarStellar (XLM) $ 0.289805
    • hyperliquidHyperliquid (HYPE) $ 26.53
    • shiba-inuShiba Inu (SHIB) $ 0.000015
    • hedera-hashgraphHedera (HBAR) $ 0.196010
    • leo-tokenLEO Token (LEO) $ 8.82
    • bitcoin-cashBitcoin Cash (BCH) $ 397.11
    • the-open-networkToncoin (TON) $ 3.09
    • litecoinLitecoin (LTC) $ 95.16
    • polkadotPolkadot (DOT) $ 4.73
    • wethWETH (WETH) $ 2,554.39
    • usdsUSDS (USDS) $ 0.999854
    • moneroMonero (XMR) $ 360.48
    • wrapped-eethWrapped eETH (WEETH) $ 2,729.08
    • bitget-tokenBitget Token (BGB) $ 5.19
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • pi-networkPi Network (PI) $ 0.825405
    • pepePepe (PEPE) $ 0.000014
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 107,363.00
    • whitebitWhiteBIT Coin (WBT) $ 30.25
    • aaveAave (AAVE) $ 258.14
    • uniswapUniswap (UNI) $ 6.33
    • bittensorBittensor (TAO) $ 422.83
    • daiDai (DAI) $ 0.999816
    • nearNEAR Protocol (NEAR) $ 2.83
    • aptosAptos (APT) $ 5.21
    • okbOKB (OKB) $ 52.52
    • jito-staked-solJito Staked SOL (JITOSOL) $ 205.86
    • ondo-financeOndo (ONDO) $ 0.956350
    • kaspaKaspa (KAS) $ 0.112122
    • official-trumpOfficial Trump (TRUMP) $ 14.56
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • crypto-com-chainCronos (CRO) $ 0.097390
    • tokenize-xchangeTokenize Xchange (TKX) $ 36.02