🚀 Binance and S.E.C. Strike Deal to Keep U.S. Operations Open 🤝💼
S.E.C. and Binance don reach one agreement wey go allow di biggest cryptocurrency exchange for di world to continue operation for di United States and protect customer assets as dem dey fight government lawsuit. 🤝💼💰
After filing fraud charges against Binance on June 5, di S.E.C. begin freeze di company’s U.S. assets, and dis one make Binance lawyers yan say e go make dem close dia U.S. business. 😮❄️💼
But for Friday, di S.E.C. comot for court and yan say di two sides don agree on sometin afta dem do mediation for some days. Judge Amy Berman Jackson, wey dey handle di case for federal court for Washington, sign di deal on Saturday. 👥✍️📜
Based on di agreement, funds wey belong to customers of Binance.US, wey be affiliate of di bigger offshore exchange, go enta special digital repositories wey only di U.S. exchange go fit access — and dem no go give Binance international operation or di founder, Changpeng Zhao. Di deal talk say Binance.US fit transfer company assets “solely to make payments for expenses or to satisfy obligations incurred in the ordinary course of business.” 💼💸🔒
Binance yan on Saturday, “Although we still dey maintain say S.E.C.’s request for emergency relief no dey necessary, we dey pleased say di disagreement over dis request don resolve based on terms wey both sides accept.” 🗣️💼👍
Di S.E.C.’s director of enforcement, Gurbir Grewal, yan on Saturday, “We make sure say U.S. customers go fit withdraw dia assets from di platform while we dey work to resolve di alleged underlying misconduct.” 💼💪💰
Dis dispute over Binance’s assets na part of one serious legal battle wey fit determine di future of di crypto industry for di United States. ⚖️🏦💻
For recent months, di S.E.C. don dey clamp down on di industry, dem don sue Binance and di biggest U.S. rival, crypto exchange Coinbase. As regulators dey put pressure, some crypto companies don vow to fight for court, while others dey explore options outside di United States, dey go countries wey get lenient regulations. 🛡️💥🌍
Di agreement to protect customer assets for di United States go resolve di first of many legal skirmishes wey go follow. Di S.E.C., for one fraud lawsuit, accuse Binance and Mr. Zhao say dem mishandle customers’ deposits, lie to regulators and allow market manipulation to dey happen for di exchange. 💼💔📉
For court filings, di S.E.C. yan say na to freeze di assets necessary to ensure say Binance no go put customer funds for risk or try to move money go abroad. But di company yan say di S.E.C.’s proposal too harsh and e go prevent dem from pay employees and vendors, and dis one fit make dem quickly close dia operations. ❄️⛔💼
Binance also don face lawsuit from di Commodity Futures Trading Commission dis year, and Mr. Zhao dey under investigation from federal prosecutors. Di company don argue say di S.E.C. dey unreasonable as dem dey go after di business and di founder. Four major law firms dey represent Binance and Mr. Zhao, wey people sabi as C.Z., for di litigation for Washington. 💼🔍🚫
During one court hearing for Washington on Tuesday, Judge Jackson show small doubt about di S.E.C.’s strategy to use enforcement actions to regulate di crypto world. She call di approach “inefficient and cumbersome” and dis na why she encourage di parties make dem negotiate one deal to protect customer assets for di United States. ⚖️👥💼
But Judge Jackson no too pay attention to Binance’s argument say dem bin surprise by di aggressiveness of di S.E.C. 🤔⚖️
NOW IN ENGLISH
🚀 Binance and S.E.C. Strike Deal to Keep U.S. Operations Open 🤝💼
The Securities and Exchange Commission (S.E.C.) and Binance have reached an agreement that will allow the largest cryptocurrency exchange in the world to continue its operations in the United States and protect customer assets as they battle a government lawsuit. 🤝💼💰
After filing fraud charges against Binance on June 5, the S.E.C. took steps to freeze the company’s U.S. assets, a move that Binance lawyers claimed would force them to close their U.S. business. 😮❄️💼
However, on Friday, the S.E.C. appeared in court and announced that the two sides had reached a mutual agreement after several days of court-ordered mediation. Judge Amy Berman Jackson, presiding over the case in federal court in Washington, signed off on the deal on Saturday. 👥✍️📜
According to the agreement, funds belonging to customers of Binance.US, an affiliate of the larger offshore exchange, will be placed in special digital repositories accessible only to the U.S. exchange. These funds will not be available to Binance’s international operation or its founder, Changpeng Zhao. The deal stipulates that Binance.US can only transfer company assets “solely to make payments for expenses or to satisfy obligations incurred in the ordinary course of business.” 💼💸🔒
Binance stated on Saturday, “Although we maintain that the S.E.C.’s request for emergency relief was unnecessary, we are pleased that the disagreement over this request has been resolved based on mutually acceptable terms.” 🗣️💼👍
Gurbir Grewal, the S.E.C.’s director of enforcement, said on Saturday, “We have ensured that U.S. customers will be able to withdraw their assets from the platform while we work to resolve the alleged underlying misconduct.” 💼💪💰
This dispute over Binance’s assets is part of a significant legal battle that could determine the future of the cryptocurrency industry in the United States. ⚖️🏦💻
In recent months, the S.E.C. has intensified its crackdown on the industry, filing lawsuits against Binance and its biggest U.S. rival, the crypto exchange Coinbase. As regulatory pressure mounts, some crypto companies have vowed to fight in court, while others are exploring options outside the United States, seeking countries with more lenient regulations. 🛡️💥🌍
The agreement to protect customer assets in the United States will resolve the first of many legal battles to come. In a broad civil fraud lawsuit, the S.E.C. accused Binance and Mr. Zhao of mishandling customers’ deposits, deceiving regulators, and allowing market manipulation to thrive on the exchange. 💼💔📉
According to court filings, the S.E.C. argued that freezing the assets was necessary to ensure that Binance did not jeopardize user funds or attempt to move money overseas. However, the company argued that the S.E.C.’s proposal was overly severe and would prevent them from paying employees and vendors, ultimately leading to the swift closure of their operations. ❄️⛔💼
Binance has also faced a lawsuit from the Commodity Futures Trading Commission this year, and Mr. Zhao is under investigation by federal prosecutors. The company has contended that the S.E.C. is being unreasonable in targeting the business and its founder. Four prominent law firms are representing Binance and Mr. Zhao, also known as C.Z., in the litigation in Washington. 💼🔍🚫
During a court hearing in Washington on Tuesday, Judge Jackson expressed some skepticism about the S.E.C.’s approach of using enforcement actions to regulate the cryptocurrency world. She referred to the approach as “inefficient and cumbersome,” which is why she encouraged the parties to negotiate a deal to protect customer assets in the United States. ⚖️👥💼
However, Judge Jackson did not give much credence to Binance’s argument that they were surprised by the S.E.C.’s aggressiveness. 🤔⚖️
