SEC and Binance in talks over US assets freeze.

The United States Securities and Exchange Commission and BAM Trading, the U.S. branch of Binance, have submitted a request for a consent order that would ease some of the restrictions that were put in place due to a previous SEC request to freeze Binance’s assets. The proposed order would allow BAM Trading to make necessary financial commitments, such as payroll, professional fees, and other ordinary business expenses. However, it also stipulates that Binance cannot transfer any assets to or for the benefit of any Binance entity or individual acting on behalf of Binance. Additionally, Binance CEO Changpeng Zhao will not have access to any BAM Trading or Binance.US assets. The SEC had previously filed an emergency request to freeze BAM Trading’s assets in response to a lawsuit against Binance and Zhao. BAM Trading opposed the request, arguing that the SEC’s rationale for the freeze did not meet the court’s burden of proof. The proposed consent order has not yet been approved by the court, as there is currently a disagreement between the SEC and Binance over the details. Judge Amy Berman Jackson has requested input from both parties before making a decision on the proposed order.

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