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Home » Court Orders: Binance US funds will not be frozen

Court Orders: Binance US funds will not be frozen

A Columbia District Court judge today appointed a paralegal to act as a facilitator in negotiations that the Securities and Exchange Commission (SEC) must conduct jointly with Binance’s U.S. subsidiary. Both have until Thursday, June 15 to reach a compromise agreement based on protecting user funds.

US District Judge Amy Berman Jackson said during today’s hearing that the two sides are “not that far apart” on the fate of the cryptocurrency exchange’s client assets.

and in that sense refused to issue an injunction that would result in an asset freeze while the SEC lawsuit progresses, how reported Advisor John Reed, former head of the SEC’s Office of Internet Compliance.

The judge said there was “absolutely no need” to issue an injunction forcing the closure of the exchange and its affiliates, BAM Trading Services and BAM Management.

At the request of the judge Binance.US must submit a list of “business expenses.” before 9 a.m. on Wednesday 14 June.

During the hearing, Jennifer Farer, an SEC attorney, told the judge “We are open to the continuation of business operations”, While Binance.US officials said they primarily want to continue normal operations, as previously reported by CriptoNoticias.

The SEC last week sued Binance.US and its founder Changpeng Zhao on the grounds that they operate as an unregistered exchange, brokerage and clearing agency.

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