[NEWS] Binance US and SEC reach agreement to withdraw asset freeze request

On the 17th, the U.S. Securities and Exchange Commission (SEC) and Binance US, the U.S. subsidiary of the major cryptocurrency exchange Binance, announced that they had agreed to withdraw their request to freeze the exchange's assets.

The decision was also approved by the court, and Binance US stated that they had "agreed with the SEC to continue business as usual." The SEC's request would have restricted the deposit and withdrawal of customer assets, which would have effectively halted Binance US's operations.

According to Binance US, there is no evidence that the exchange misused customer assets, and the SEC's lawyer also acknowledged that there was no evidence of misuse.

According to the SEC's announcement, an agreement has been reached between Binance, BAM Trading Services (BAM Trading Services), which operates Binance US, and CEO CZ (Changpeng Zhao), to repatriate Binance US customer assets to the United States.

In addition, Binance US was prohibited from transferring corporate assets outside of its normal business operations, and from transferring assets from the exchange to Binance affiliates or CZ.

Going forward, the SEC will oversee BAM's expenditures. BAM will also be required to disclose information regarding the safekeeping and security of customer assets to the SEC.

SEC Enforcement Director Gurbir S. Grewal said, "We will uncover the alleged misconduct and hold CZ and Binance accountable. This action ensures that U.S. customers can withdraw their assets in the meantime."

On the 5th of this month, the SEC filed a lawsuit against Binance, Binance US, and CEO CZ for violating securities laws. The SEC then requested the court to freeze the assets.

On the 13th, U.S. Judge Amy Berman Jackson ordered the two parties to discuss the asset freeze.

Reference:Binance US announcement, SEC announcement
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