Binance.US Reaches Deal With SEC To Avoid Total Asset Freeze
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Crypto exchange Binance.US has reached an agreement with the US Securities and Exchange Commission (SEC). It will avoid a complete freeze of the exchange’s assets while the SEC lawsuit is being litigated. This was reported Bloomberg with reference to the court order.
Under the agreement, Binance.US is prohibited from spending corporate assets other than to cover the costs of running its business, and US customers are allowed to redeem funds from the crypto exchange.
The agreement made it possible to protect billions of dollars without closing the exchange. Initially, the SEC sought a complete freeze on Binance.US assets. The management of the crypto exchange claims that blocking the flow of all funds will harm its business and customers.
On June 5, the SEC sued Binance and its founder, Changpeng Zhao, for violating US law. The accusation contains 13 points, among them – work without a standard license for exchange activities, brokerage and clearing services, as well as false statements about the Binance.US site.
Crypto exchange Binance.US disputed the SEC lawsuit and assured that clients’ assets are safe. After the SEC lawsuit from the Binance exchange brought out $790 million
In addition, the SEC has filed a lawsuit against Coinbase, the largest cryptocurrency platform in the United States, which is also accused of trading cryptocurrencies without a license. Against this background, the exchange rate of bitcoin against the dollar fell by 5%, the exchange rate of Binance tokens decreased by 9.2%.
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