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Binance case: SEC's request rejected!

Thu 15 Jun 2023 ▪ 3 min of reading ▪ by La Rédaction C.
Getting informed Crypto regulation

In the SEC VS Binance case, a US federal judge has rejected the request from the US regulator. Quick breakdown: Binance US assets will not be frozen. However, the judge demands further negotiations between the SEC and Binance lawyers. The goal is to define boundaries and resolve security issues.

Update Binance vs. SEC
The judge refuses to freeze Binance US and instead opts for continuing negotiations (Source: Twitter)

Freezing of Binance assets: Judge rejects SEC’s request

The SEC vs. Binance case started on June 5 when the US regulator filed a complaint against the exchange. The day after the complaint, the SEC requested the freezing of Binance US assets, the US subsidiary of the crypto company.

During a hearing held in Washington on June 13, the federal judge ruled on the SEC’s request. The verdict: freezing Binance US assets was denied. However, the judge emphasizes that it is essential for both parties to reach an agreement on the limits and restrictions to be imposed on it. If they manage to reach an agreement, the restraining order would be of no use.

Negotiations remain ongoing

During the hearing, the SEC expressed concern that Binance controls enough fragments of private keys to move funds. Their lawyers even highlight the changing narratives from Binance US regarding how assets and crypto funds are held.

Therefore, Judge Amy Berman Jackson has requested them to provide a list of its business expenses to the court. She also demands the continuation of negotiations between the two parties. She emphasizes the need for an agreement on limits and restrictions to ensure the security of the assets.

Indeed, the request to freeze their assets filed by the SEC has been rejected. However, negotiations are still ongoing. One thing is certain: regardless of the outcome of this case, it will inevitably impact the crypto market. Let’s recall that the SEC has also taken legal action against Coinbase.

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La Rédaction C. avatar
La Rédaction C.

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