Don't freeze assets.

14, reported Bloomberg.

Wednesday, U.S. District Court Judge Amy Berman Jackson ruled that there appears to be little disagreement between defendants and plaintiffs regarding how to protect consumer assets worth billions of dollars. He ruled that he may not be required to halt the exchange while the trial is ongoing. The case has been referred to a magistrate to determine whether or not a final agreement can be reached.

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The SEC filed a lawsuit against Binance US, Binance, and its CEO Changpeng Zhao last week. Since then, he has filed an emergency petition with the District Court to block Binance's U.S. assets in order to protect customer funds. On the 13th, a public hearing was scheduled to be convened regarding the asset ban.

Additionally, Binance US submitted documents to the district court prior to the hearing following the motion to sequester assets. The company contends in its filing that the SEC's request to sequester its assets is "unnecessary and unreasonable." He asserted that the SEC's demands would effectively put an end to Binance.US's operations.

connection: Binance The United States refutes SEC allegations in court documents.

The SEC and the company will continue discussing the asset ban.

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Storage of client property

The SEC has filed thirteen counts against Binance and others, including the provision of trading services for unregistered securities. The current agreement only addresses asset suspension.

In its initial complaint, the SEC alleges that the defendants circumvented U.S. regulatory supervision and endangered the assets of U.S. investors. He asserted that the defendant was permitted to transmit the investor's virtual currency and fiat currency, which he did.

It was noted, for instance, that the assets of US investors on each Binance platform were combined with the account of a company called "Merit Peak Limited" administered by Mr. CZ through accounts owned and managed by Mr. CZ and Binance.

According to the SEC complaint, Merit Peak Limited is a British Virgin Islands-based cryptocurrency investment firm. The SEC also sought the repatriation of all fiat and cryptocurrencies held by Binance US or transacted by its users.

Binance US, on the other hand, asserts that client assets are appropriately segregated.

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Binance and Coinbase SEC Lawsuits | Present State of Virtual Currency Regulations and Industry Reactions

What is the Binance exchange?

Operates a significant virtual currency exchange with a substantial number of traded securities, trading volume, and registered users. In addition, we are developing a diverse array of enterprises, including venture capital activities, the provision of educational content, and philanthropic endeavors. The corporation announced its introduction into the Japanese market in November 2010.

What is Binance, the largest virtual currency exchange in the world?

The report appeared first on Our Bitcoin News.