Or Patreanu Bitcoin : According to reports, Binance, Binance.US and the United States Securities and Exchange Commission (SEC) agreed on Friday, June 16, to temporarily limit access to customer funds only to Binance.US employees.
As mentioned two weeks ago, we reported to you about the SEC’s lawsuit against Binance, the world’s largest exchange for digital currencies.
The SEC recently sued Binance and Binance.US for trading in unlisted securities, “alleged” misappropriation of funds and poor practices. Or Patreanu Bitcoin
Now there are developments on the subject: Or Patreanu Bitcoin
Let’s start with what needs to be understood, there is Binance.US (USA) which “complies with American laws” and the access and funds it has, do not mix with global Binance.
Asking why? This is how the American regulator decided. Here is the progress in the trial:
P.S. Part of the claim letter is about this, since the two entities mixed customer money with them and allegedly “played with them”.
According to reports, the proposed agreement, pending the approval of the supervising federal judge, the purpose of the agreement is to supposedly protect “Binance.US” Or Patreanu Bitcoin
thereby preventing Binance Global officials from accessing private keys of wallets, hardware wallets or in general information found on Binance.US.
Additionally, the Binance.US crypto trading platform will reveal comprehensive information on business expenses, including profit/loss, in the coming weeks.
What does an agreement have to do with it? Or Patreanu Bitcoin
The agreement appeared in direct response to a request made by the SEC to freeze all of Binance.US’s assets during ongoing legal proceedings.
The SEC expressed concern that without a temporary restraining order, there could be a risk of funds being transferred abroad or important records being intentionally destroyed.
But the legal representatives of Binance.US strongly opposed the idea, arguing that imposing a complete freeze on all assets would be tantamount to giving the company too severe a “death penalty”.
During a hearing earlier this week, US District Court Judge Amy Berman Jackson advised the parties involved that it would be more beneficial to reach an agreement, rather than relying on the court to formulate a restraining order. The judge emphasized that a temporary restraining order has a limited duration of Two weeks, which may turn out to be insufficient for a comprehensive hearing. If you asked what is a comprehensive hearing? The volume of the claim and the merits reached upwards of 4,000 pages.
The proposed agreement includes additional provisions, such as the creation of new crypto wallets by Binance.US, which will not be accessible to employees of other Binance entities. Or Patreanu Bitcoin
Furthermore, Binance.US undertakes to provide additional information to the SEC, and is committed to full disclosure.
In the meantime, customers in the US will retain the ability to withdraw funds throughout this period.
We emphasize, agreement refers specifically to Binance USA. Implications for other entities of Binance are not final at this time.
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