April 19, 2024
Latest Cryptocurrency News

Binance and SEC Submit Joint Request for Modified Asset Freeze Conditions

The United States Securities and Exchange Commission (SEC) and BAM Trading, the US division of Binance, have jointly submitted a consent order request to alleviate certain restrictions imposed by a previous SEC request to freeze Binance’s assets.

According to the proposed consent order, BAM Trading and BAM Management would be permitted to fulfill financial obligations such as payroll and other essential expenses. The document explicitly states: “BAM Trading and BAM Management may continue to make payments for the purchase of goods and services, salaries for BAM Trading and BAM Management personnel, including preexisting benefits, professional fees, and other similar ordinary-course expenditures for the operation of their businesses.”

However, the consent order includes a crucial condition prohibiting Binance from making any payments or transferring assets to benefit any Binance entity, individual, or representative.

Additionally, the order specifies that Binance CEO Changpeng Zhao is denied access to any assets held by BAM Trading or Binance.US.

Following the SEC’s lawsuit against Binance and Zhao, the commission urgently requested the court to freeze BAM Trading’s assets. In response, BAM Trading filed an opposition argument, asserting that the SEC’s justification for the freeze did not meet the court’s burden of proof.

As of the time of this article’s publication, the court has not yet approved the proposed consent order. Discrepancies exist between the SEC and Binance regarding certain details, prompting the court to seek further clarification.

Judge Amy Berman Jackson, as revealed in a filing accessible on the Public Access to Court Electronic Records website, requested both parties to provide input by 1:00 pm Eastern Time on June 13. They are expected to suggest any changes the court should consider before deciding on the proposed consent order.

Image by Freepik

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