Binance.US and the US Securities and Exchange Commission have reached an agreement on a compromise to avoid freezing the assets of the exchange.
On 17 June 2023, US Judge Amy Berman Jackson confirmed an agreement and struck down a temporary restraining order (TRO) that would freeze all of Binance.US’s assets. Binance.US customers can still withdraw funds from the platform.
Binance.US announced on Twitter:
“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.”
According to the agreement, Binance Holdings, BAM Management US, BAM Trading Services, and founder ChangPeng “CZ” Zhao will repatriate Binance.US client assets.
Moreover, the arm of Binance.US is prohibited from spending company assets other than to cover its business operating costs. The transactions also prohibit Binance Global from accessing the private keys of wallets or root access to Binance.US’s Amazon Web Services tool.
