8/16/2023 0 Comments Binance usa reddit![]() ![]() Stark disclosed his observations even before Judge Jackson decided to refer both parties to a magistrate for a favorable deal. On June 13, former SEC enforcement attorney John Read Stark tweeted that the SEC and Binance US expect different outcomes from the hearing. The Parties Involved Have A Lot of Conflicting Interests, Stark She also stated that the organizations are “not that far apart” from reaching a favorable agreement. Then, during the June 13 hearing, Judge Jackson referred the parties to a magistrate judge to handle a possible deal to protect the exchange’s customers without shutting down operations.Īccording to Judge Jackson’s statement, “Shutting it down completely would create significant consequences not only for the company but for the digital asset markets in general.”įurther, Judge Jackson stated that she would not rule on the SEC’s motion for a temporary restraining order on Binance US until the organizations have resolved the asset freezing issues before the recommended magistrate. Notably, one of the lawyers stated, “We’re not willing to accept a death penalty eight days into the case.” In its court filings on Monday, June 12, Binance US lawyers stated that freezing the assets will prevent the exchange from paying its suppliers, employees, and vendors, leading to a “quickly grind to a halt.” ![]() Binance US Might Receive a Favorable Deal in Asset Freeze But in its joint memorandum on June 12, the exchange and its CEO Zhao denied mishandling any funds.Īlso, Binance US reacted against the freeze of assets, stating it would affect its business in the US.ĭuring the June 13 hearing, Bloomberg reported that reported today that during the June 13 hearing, District Judge Amy Berman Jackson ordered both entities to work out a deal to prevent a total asset freeze. Notably, SEC accused Zhao of moving $12 billion in users’ funds through an entity he controlled, Merit Peak. When the US SEC sued Binance on June 5, it also requested that the courts freeze the exchange’s assets to prevent further misappropriation of users’ funds. ![]()
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