Just in: Binance Global and Binance US reach a deal with the SEC

June 20, 2023 07:39 PM AEST | By Invezz

Just in: Binance Global and Binance US reach a deal with the SEC — Image source: Invezz

Binance Holdings and the SEC reached an agreement

A new notice of proposed stipulation & consent order shows Binance, Binance US, and the SEC reached a deal, prohibiting Binance Global staff access to Binance US wallets and tools like Amazon Web Services.

Moreover, the exchange’s US-based firm will submit a comprehensive financial statement, including estimated costs and business expenses, to the United States SEC in the coming weeks.

The latest decision comes after a judge declined the regulator’s proposal to freeze Binance US assets. The leading exchange stated that tampering with customer assets will possibly end its undertakings in the US.

The Securities & Exchange Commission had expressed concerns that Binance might move funds offshore amid failure to grant a restraining order.

Other facets of the agreement are Binance US to launch new cryptocurrency wallets that restrict access from the global exchange’s staff, accept an accelerated discovery program, and offer extra info to lawmakers.

United States clients can still withdraw their funds. Meanwhile, accepting the proposed agreement will address some concerns that the SEC highlighted in the earlier lawsuit.

Last week, the regulator sued Binance Holdings for poor practices, funds commingling, and offering unregistered securities. Moreover, the proposed deal doesn’t explore the broader suit.

I believe this only impacts the motion filed to freeze Binance assets. I assume the charges filed against Binance still stand. 🤷‍♂️
— R Z (@RZ39210954) June 17, 2023

The post Just in: Binance Global and Binance US reach a deal with the SEC appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.