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SEC ties up Binance's U.S. assets with court order

2023-06-19 20:49 ET - Street Wire

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by Mike Caswell

The U.S. Securities and Exchange Commission has won an interim order for U.S. assets related to Binance Holdings Ltd., operator of a cryptocurrency exchange that has handled as much as $9.58-trillion in trading. (All figures are in U.S. dollars.) The SEC claims that Binance and its Canadian founder, Changpeng Zhao, have been operating in the U.S. as an unregistered exchange. In particular, the SEC said that the operation provided no oversight or controls over billions of dollars in assets.

As part of the case, the SEC had been seeking an emergency freeze order. The regulator said that Binance's U.S. entities held assets belonging to U.S. investors worth $2.2-billion. Binance opposed any freeze, saying that it would effectively end the company's business. Such a freeze would harm customers and keep the company from paying employees, it said.

The matter landed before a U.S. federal judge, who signed an order on Saturday, June 17, that falls short of an outright freeze, but imposes several restrictions on Binance's U.S. operations. Among other things, Binance must move the assets of U.S. customers to the United States and keep those assets in the country for the duration of the litigation. The order specifically prohibits the transfer of any money to Binance Holdings or to Mr. Zhao. The order further states that Binance's U.S. entities can only spend money in the normal course of business, with the SEC to have oversight over those expenditures. Customers are permitted to withdraw money from their accounts.

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currency is regulated by sovereign states. tulips were used by people to trade, however once people trade a sovereign state currency for the tulips all hell breaks loose. CVS, SVB bank, signature, all down because of fake exchange rates for crypto to fiat. funny how fast crypto gets exchanged for fiat if opportunity exists. saudis most like going to pull a kagoggi on the mongol, with video leaks.

Posted by oh at 2023-06-20 07:30

still no sanctions against those geologists with the blatantly false news releases that the newfie mining department and newfie securities commission know are false, why? newfie scumbags state sanctioned scams!

Posted by oh at 2023-06-20 09:34

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