Binance.US, the U.S.-based entity of crypto exchange Binance, and the Securities and Exchange Commission agreed to work on a deal to avoid a complete asset freeze, Bloomberg News reported.
U.S. District Judge Amy Berman Jackson said the two sides seemed “not that far apart” on Tuesday and referred them to a magistrate judge to work out the compromise. The SEC had been seeking an asset freeze as part of a lawsuit it filed against the company last week.
"Shutting it down completely would create significant consequences not only for the company but for the digital asset markets in general,” Bloomberg cited Judge Jackson as saying at a Tuesday hearing in Washington, adding that she wouldn't decide on the asset freeze until work with the magistrate is finished.
In a June 5 lawsuit, the SEC alleged major malfeasance and legal violations at Binance.US that it argued should result in prohibiting the company from doing further business in the country.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.