News - Binance.US and SEC work on 'compromise' to avert asset freeze

By Mike Hesp

Binance.US and SEC work on 'compromise' to avert asset freeze

Exchanges
Laws and regulations

The US Securities and Exchange Commission and Binance.US are negotiating a deal to avoid freezing the exchange's assets. This is intended to protect customers and the market from "significant consequences."

Binance.US and the US Securities and Exchange Commission (SEC) are working together on a deal that will allow the exchange to avoid freezing certain assets.

Bloomberg reported on June 14 that "US District Judge Amy Berman Jackson" referred the two sides to a judge to work out a compromise that would protect customers' funds without closing the exchange.

"A complete shutdown would have significant consequences not only for the company, but for digital asset markets in general," Jackson said at a June 13 hearing, according to the report.

On June 5, the SEC sued the company, demanding the freezing of assets on Binance's U.S. platforms. To this end, the agency filed a emergency motion in U.S. federal court in Washington, D.C..

The securities regulator accuses Binance of mixing customer funds with company assets.

The organizations must file a report on the status of negotiations with the district judge on June 15. Binance and also Coinbase are currently embroiled in a legal battle with the SEC, after said both were indicted.

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