Judge rejects the SEC for freezing from Binance.

Judge rejects the SEC for freezing from Binance.

When the SEC sued Binance on June 5, she also applied for a complete freezing of all Binance. Us assets and referred to an alleged tendency to bundle customer funds and postpone abroad.

This application would not only have been devastating for the business activity of Binance - not to mention the exaggeration, since the allegations were not proven in the slightest - but would also have damaged the reputation of the company so badly that Binance had been difficult if his innocence was proven, he comes back to the legs.

unacceptable conditions

The lawyers of Binance .us immediately requested the request of the SEC application and explained that they would "not accept the death penalty eight days after the start of the case".

In addition, the accused criticized in a 42-page memorandum that Binance and CZ had submitted together, the SEC for false accusations, since no clear evidence of misconduct was found that would justify an immediate freezing of assets.

"There is no 'emergency' at all, except for the one that the SEC carries for its own purposes."

you will find it out with each other

in response to the application submitted by the SEC and the arguments of the legal department of Binance. The judge, who led the case, refused to the agency. Instead, Binance.Us and the SEC were instructed to work together to work out a plan that would enable the stock exchange to continue working as usual and at the same time ensure that the assets of customers remain safe and, which is most important, remain within the US jurisdiction.

"A complete closure would not only have significant consequences for the company, but for the markets for digital assets in general.

In order to achieve a compromise, the SEC wants all customer assets to be returned to the USA if they are hosted elsewhere.

binance.us has so far raised no objections to this proposal and only asked to use and send assets that would enable him to cover operating costs and salaries.

sec/bony-newsflash: duel for approval arrangements (read now)

The SEC and the Binance defendants have presented designs of orders that show what the judge should order in the course of the SEC/Binance Emergency Asset Freeze Enforcement Action.

There are obviously many conflicts ... pic.twitter.com/uwjxSgl5lr

- John Reed Stark (@johnReedstark) 13. June 2023

If this plan is approved, Binance is undertaken to make no transfers or payments to other Binance companies without the express approval of the judge who leads the case.

The judge has now instructed Binance .us to provide a large list of recurring expenses and operating costs for preliminary review.

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