SEC and Binance.US to negotiate deal avoiding total asset freeze

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SEC and Binance.US to negotiate deal avoiding total asset freeze
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The SECGov and BinanceUS have agreed to work towards a deal that allows the crypto exchange to avoid a full shutdown while simultaneously protecting customer funds.

arrangement that can protect customer funds without having to shut down the exchange.

“Shutting it down completely would create significant consequences not only for the company but for the digital asset markets in general,” Jackson said at a June 13 hearing.for a temporary restraining order until the two parties had worked through the situation with the magistrate. An update on the negotiations made with the magistrate has been scheduled for the end of business hours on June 15.

Additionally, she noted the SEC and Binance.US seemed “not that far apart” when it came to reaching an agreement on the matter. Before Judge Jackson reached her decision at the hearing, former SEC enforcement attorney John Read Stark informed his 20,000 Twitter followers that there is “a lot of conflict between what each party” wanted to get out of the hearing.The SEC and the Binance defendants have each submitted draft orders of what each party wants the Judge to order in the SEC/Binance Emergency Asset Freeze Enforcement Action.

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