![]() ![]() These funds were subsequently moved to a third party and appeared to be used for purchasing and selling cryptocurrencies, as stated in the complaint. ![]() One of the allegations in the lawsuit asserts that Binance improperly transferred billions of dollars in customer funds to a bank account controlled by Zhao. The SEC specifically demanded the repatriation of cryptocurrencies owned by US customers, a measure typically taken when there is a risk of asset loss or concealment. The SEC’s lawsuit, filed on June 5, accuses Binance and Zhao of mishandling customer funds, deceiving investors and regulators, and violating securities regulations. The spokesperson emphasized the safety and security of user funds across all Binance-affiliated platforms, stating that they have been and will continue to be protected. ![]() Nonetheless, the platform’s spokesperson emphasized that the demand for freezing assets was entirely unwarranted. At first, the SEC aimed to freeze all assets held by Binance.US, which is under the ownership of Zhao, co-founder of Binance Holdings Ltd.Īmidst its ongoing battle with the SEC’s lawsuit and its steadfast assurance of customer asset security, Binance.US contended that a complete freeze of all funds would inflict significant damage upon its business operations and have adverse consequences for its customers.īinance.US expressed contentment with the outcome of the resolution, stating their satisfaction with the mutually agreed-upon terms that addressed the SEC’s request. The judge’s ruling brings about a resolution that satisfies all parties involved, effectively safeguarding billions of dollars in customer funds without requiring the exchange to cease its operations. These provisions were outlined in the order presented by US Judge Amy Berman Jackson in the Washington federal court. Additionally, customers based in the United States have been granted the ability to redeem their funds from the platform. Agreement Reached to Preserve Binance.US Operations Amid SEC LawsuitĪs per the terms of the agreement, Binance Holdings, BAM Management US, BAM Trading Services, and the founder Changpeng “CZ” Zhao are obligated to return customer assets from Binance.US to their rightful owners.įollowing recent developments, the platform has undergone restrictions that limit its utilization of corporate assets, with the exception of essential business expenses. Join Our Telegram channel to stay up to date on breaking news coverageīinance.US and the US Securities and Exchange Commission (SEC) have come to an agreement that avoids a complete freezing of assets on the cryptocurrency trading platform as the legal case unfolds. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |