The final amendments to the filing were due at 1 pm on Tuesday, so both sides are now awaiting the decision of the judge on the consent order. “BAM Trading and BAM Management may continue to make payments for the purchase of goods and services, salaries for BAM Trading and BAM Management personnel, including preexisting benefits, professional fees, and other similar ordinary-course expenditures for the operation of their businesses,” the filing states. In return for these assurances, the SEC will withdraw their request for the total freeze of Binance.US assets, enabling the exchange to continue conducting regular business operations. The filing also stipulates that BAM Trading and BAM Management will not provide access to these assets to “Binance, Zhao, and any individual or entity with any affiliation, agreement, or other relationship with Binance, Zhao, or any Zhao- owned or -controlled entity.” The consent order states that “on or before the date the Court issues this Consent Order,” Binance.US will “ensure that BAM Trading and BAM Management obtain and maintain sole possession, custody, and control of all Customer Assets,” and all transfers and withdrawals will be done only through “officers and employees located in the United States, or under the control of a non-affiliated third party custodian.” District Judge Amy Berman Jackson ruled during a Monday court session in Washington DC that the SEC had not proven the necessity for the total freeze of the exchange’s assets. The two sides were forced to the negotiating table after U.S. operations, jointly filed a request for a consent order that would enable Binance.US to make payroll and fulfill other business needs, while the SEC would be assured that Binance global, and founder Changpeng Zhao in particular, cannot access the U.S. Lawyers for the SEC and BAM Trading, the holding company behind Binance’s U.S. The United States Securities and Exchange Commission (SEC) and Binance.US are working toward a compromise on access and custody of the exchange’s assets after the presiding judge demanded that they find a workable solution that meets both their needs. ![]() Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter.
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