The SEC and Binance are trying to reach a compromise on freezing US assets.
The SEC and Binance are trying to reach a compromise on freezing US assets. Binance US will have to transfer all its US-based assets to new wallets. But he will be allowed to pay his bills under a proposed approval order.
Binance Wants Settlement With SEC For Frozen Assets
Recently, the United States Securities and Exchange Commission (SEC) and Binance’s U.S. arm, BAM Trading, filed a request for an approval order that would ease some restrictions based on the SEC’s request to freeze assets.
The proposed new approval order will provide more assurance to the SEC and allow BAM Trading to honor its payroll and other financial commitments. The following statements were included in the document:
“BAM Trading and BAM Management may continue to make payments such as purchases of goods and services, salaries of BAM Trading and BAM Management staff, pre-existing benefits, professional fees and other operating expenses.”
A key requirement to allow assets to be settled is that Binance cannot make payments or transfer any assets to any entity or person acting on Binance’s behalf.
BAM Trading expressed the belief of the company and its lawyers by presenting an opposition argument that the SEC freeze request did not meet the burden of proof required by the court.
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