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Judge Approves Temporary Agreement between Binance and SEC

The US Securities and Exchange Commission (SEC) and global digital currency exchange platform, Binance, along with its US agent, have reached a temporary agreement regarding the transfer of funds of US customers and wallet keys to the country. The SEC had filed a motion for a preliminary injunction, but the federal judge signed off on a temporary agreement that requires Binance to take measures to protect the funds and wallets and provide additional information to the SEC.

The proposed agreement aims to freeze Binance’s assets at the request of the SEC, which accuses the platform of offering and trading unregistered securities and other charges. The SEC seeks to protect investor assets and ensure the withdrawal of funds from the platform.

The agreement also includes other provisions such as the creation of new digital wallets inaccessible to global employees and the establishment of a timetable for depositions and the provision of detailed information to the SEC.

In response to the proposed agreement, Binance expressed reservations and stated that the dispute has not affected its determination to defend itself against unfounded allegations.

Following the approval of the temporary agreement, customers residing in the United States will be able to withdraw their funds from the platform.

This agreement comes in the context of the legal battle between Binance and the SEC, which accuses the platform of violating securities laws. The agreement reflects the parties’ inclination to reach a temporary settlement instead of a court order.

Negotiations and investigations in this case are expected to continue in the coming weeks. It is important to protect investor assets and ensure compliance with financial laws in such disputes.

SourceCoin Desk

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