![]() In a joint document filed in support of the Binance.US filing, Binance Holdings and Zhao stated that “there is no risk to the assets of Binance.US customers” and argued that no emergency action is necessary. Binance’s attack on SEC: “the assault is on the crypto industry” Thus, there seems to be a disagreement between the SEC and Binance on the details, and the court has requested further clarification. In response, BAM Trading filed a motion in opposition, arguing that the SEC’s rationale for requesting the freeze does not meet the burden of proof required by the court.Īt this time, the court has not yet approved the proposed consent order. In addition, the order states that the CEO of Binance, Changpeng Zhao, cannot access the assets of BAM Trading or Binance.US.Īfter the legal action taken by the SEC against Binance and Zhao, the commission filed an urgent request to freeze the assets of BAM Trading. The main clause to allow the release of assets provides that Binance may not make payments or transfer assets to entities or individuals acting on behalf of Binance under any circumstances. “BAM Trading and BAM Management may continue to make payments for the purchase of goods and services, salaries for BAM Trading and BAM Management staff, including pre-existing benefits, professional fees and other similar ordinary expenses for the operation of their businesses.” Specifically, the proposed new consent order aims to provide additional safeguards to the SEC and would allow BAM Trading to meet financial obligations, including employee payments and other commitments. The US Securities and Exchange Commission (SEC) and BAM Trading, the US arm of Binance, recently filed a petition for a consent order that would modify some of the restrictions of an earlier SEC request to block the company’s assets. The two entities engaged in search for compromise? The judge specified that, at this time, neither party can present any further arguments or explanations. He also ordered the SEC to describe the changes it wishes to make to Binance.US’s proposal so that it may be acceptable to the agency as an alternative to the proposed temporary restraining order. Far from calling for relief that is ‘finely calibrated’ to ‘maintain the status quo’… ‘draconian’ restraining order.”Īmid all this, US District Judge Amy Berman Jackson of the DC District Court issued an order requiring Binance and Binance.US to outline any differences in the proposed clauses by 1 PM ET (17:00 UTC), one hour before the start of the hearing. ![]() “The SEC seeks unnecessary and unwarranted relief. In addition, the documents anticipated their defense against the actual charges brought by the SEC.īinance.US provided a strongly worded response to the restraining order motion filed by the SEC, stating that this could result in the closure of their operations if it is granted. Specifically, on Monday, Binance.US and Binance filed their initial responses to the US Securities and Exchange Commission (SEC), claiming that the regulator’s pressure for a temporary restraining order would prevent them from remunerating employees, suppliers and other stakeholders. ![]() On a related note, they are currently in Washington to provide coverage of the SEC hearing against Binance on a temporary restraining order. However, only afterwards may we have a better understanding of the progress of the case and the court’s view of the arguments presented so far. The crypto exchange Binance in court against the SECīinance, Binance.US and Changpeng “CZ” Zhao have released their initial responses to the SEC‘s lawsuit against them, and if taken literally, the stakes appear to be incredibly high. Binance’s attack on SEC: “the assault is on the crypto industry”.The two entities engaged in search for compromise?.The crypto exchange Binance in court against the SEC.
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