Binance Will Exchange 750 Million Token Pairs to Secure Liquidity

Previously, the US Securities and Exchange Commission (SEC) and the world’s largest cryptocurrency exchange, Binance were nearing completion of a compromise over an emergency request by regulators to freeze the assets of US entity Binance.

Reporting from Yahoo Finance, Wednesday (14/6/2023), a federal judge gave the parties until Thursday, June 15, 2023 to draw up final details. The judge has appointed a magistrate judge to act as a mediator in the negotiations.

The SEC on Tuesday proposed that assets held by Binance US affiliate BAM Trading Services, which operates Binance US, and BAM Management be frozen while a lawsuit from the SEC is played out in court. That way, they would be outside the control of Binance founder Changpeng Zhao.

The SEC claims in a lawsuit filed last week that Binance and Zhao illegally combined customer assets, misled customers about the company’s ability to detect market manipulation, allowed US customers to trade on foreign crypto exchanges, and failed to register as brokers, clearing houses, exchanges, or sellers. securities.

Days after its complaint, the SEC requested an emergency order to freeze the company’s assets, saying it was necessary to protect funds belonging to US customers and under the entity’s control.

Binance argued in separate court documents the asset freeze would effectively shut down its US business and have “far-reaching repercussions” for the public and crypto market participants.

In its request for an emergency injunction, the SEC said it wanted to ensure the safety of US customers’ assets and prevent their loss in the event of a decision against it.

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