US Judge Amy Berman Jackson has approved the agreement between Binance US, Binance, and the Securities and Exchange Commission (SEC).
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Judge Amy Berman Jackson, on June 17, approved the agreement between Binance.US, Binance, and the Securities and Exchange Commission (SEC), lifting a previous Temporary Restraining Order (TRO) that would have frozen all Binance.US assets.
According to the approved agreement, only Binance US employees will have access to customer funds until the case is resolved. Judge Jackson stated on June 14 that she would prefer the parties to come to their own agreement rather than relying on her ruling.
Binance US statement
We want to provide an update on the current battle Binance.US 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 the law. Instead, we were able to reach a Court-ordered agreement with the SEC that allows us to continue our ordinary course business.
There has never been any evidence presented by the SEC concerning mis-use of customer assets. In fact, the SEC lawyers conceded in Court earlier this week, when asked by the Judge, that they had no evidence suggesting that any such thing had occurred.
The SEC’s request would have effectively shuttered our business, which is consistent with the agency’s continued attempts to kill the crypto industry by any means, even by making allegations that are not supported by the facts.
This fight has damaged our business and our reputation but not our fighting spirit or our resolve to defend ourselves against unwarranted charges and “regulation by enforcement” tactics that do not belong in our system of justice. We look forward to continuing to defend ourselves in court.@binanceus
Sec sued Binance US
The US regulatory institutions had filed a lawsuit against the cryptocurrency exchange Binance and its CEO, Changpeng Zhao, accusing them of operating a “network of lies.”
The Securities and Exchange Commission (SEC), the capital markets regulatory agency of the United States, had submitted a complaint to the federal court in Washington, D.C., making 13 charges against Binance, Zhao, and the US cryptocurrency exchange.
The SEC alleged that Binance engaged in creating artificial trading volume, unauthorized use of customer funds, and failure to prevent US citizens from using the platform.