Binance.US has avoided a full asset freeze after reaching an agreement with the Securities and Exchange Commission.
Binance Holdings, BAM Management US, BAM Trading Services and founder Changpeng Zhao will repatriate Binance.US customer assets, according to a court filing.
Binance.US is also prohibited from spending corporate assets for purposes other than covering the cost of running its business and US customers are permitted to redeem from the platform, said the order filed by US judge Amy Berman Jackson in a Washington federal court.
Asset Freeze
The court decision will effectively help Binance.US avoid a shutdown of its exchange after the SEC had originally sought a total asset freeze. Binance.US previously said that such a move would not only damage its business but also its customers.
«User funds have been and always will be safe and secure on all Binance-affiliated platforms,» a spokesperson for Binance.US said, adding that it was «pleased» that the disagreement was resolved but maintains that the call for an asset freeze was «entirely unwarranted».
Earlier this month, the SEC sued Binance over various alleged violations including artificial inflation of trading volumes, diversion of customer funds, failure to restrict US customer access, avoidance of US federal securities law and more.
