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Binance.US announced recently that it has reached a Court-ordered agreement with the US Securities and Exchange Commission (SEC), under which all US customer funds will be moved back onshore and only Binance.US employees can access customer funds. The Court did not grant the SEC's request for a TRO and freeze of assets on the Binance.US platform, which allows it to continue its business.
In the SEC's press release, Gurbir S. Grewal, Director of the SEC's Division of Enforcement, said, "Changpeng Zhao and Binance have control of the platforms' customers' assets and have been able to commingle customer assets or divert customer assets as they please." However, Binance.US pointed out that,
"There has never been any evidence presented by the SEC concerning mis-use of customer assets. In fact, the SEC lawyers conceded in Court earlier this week, when asked by the Judge, that they had no evidence suggesting that any such thing had occurred."
"The SEC's request would have effectively shuttered our business, which is consistent with the agency's continued attempts to kill the crypto industry by any means, even by making allegations that are not supported by the facts. This fight has damaged our business and our reputation but not our fighting spirit or our resolve to defend ourselves against unwarranted charges and 'regulation by enforcement' tactics that do not belong in our system of justice. We look forward to continuing to defend ourselves in court." Binance.US added.
Fox Business journalist Eleanor Terrett said on Twitter that an industry insider commented on the judge's ruling on the matter, "Binance put out a restrained public response to the TRO ruling out of respect for the judge, but they are celebrating what is a crushing defeat for the SEC." The tweet was retweeted by CZ.
Related: SEC's Request to Freeze Binance.US Asset for Now Rejected by U.S. Judge
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