Started discussion on asset freeze
The U.S. Securities and Exchange Commission (SEC) and Binance US, the U.S. arm of major cryptocurrency exchange Binance, are holding an arbitration meeting on the 14th. reported by foreign media.
According to reports, Binance itself is also participating. The mediation meeting will discuss the freezing of Binance US assets.
connection: Binance and Coinbase SEC Lawsuits | Organize the Current State of Virtual Currency Regulations and Industry Reactions
After suing Binance and others for a total of 13 charges, the SEC issued an urgent petition to freeze the assets of Binance US. A freeze on the assets would prevent Binance.US from continuing to operate, but a U.S. District Court judge today ordered the company to discuss the freeze. It appears that the plaintiffs and defendants may be able to come to an agreement, so the SEC’s asset freeze motion is unnecessary.
connection: US SEC to talk to avoid freezing all assets of Binance US = report
The arbitration meeting is high profile as it involves the business continuity of Binance US. Judge Zia M. Faruqui presides over the conciliation conference. Faruqui has been involved in cryptocurrency-related cases as a public prosecutor, and the district court’s official website states that he was “in charge of cases such as terrorists’ use of cryptocurrencies.”
As for Faruqui, last May he approved a criminal complaint against a defendant who used Bitcoin (BTC) to evade economic sanctions.
connection: First criminal complaint in the United States for evading sanctions on Bitcoin use
What is SEC
Abbreviation for “Securities and Exchange Commission”. A US government agency that oversees the trading of securities such as stocks and bonds. The SEC’s mission is to “protect investors,” “maintain fair, orderly and efficient markets,” and “promote capital formation.”
connection: What is Binance, the world’s largest virtual currency exchange?
Request license revocation
Binance has filed an application to revoke the business license of Binance Cyprus Limited, which is located in the Mediterranean island nation of Cyprus. Currently, the website of the Cyprus regulatory authority states that the application is being reviewed. Binance registered with regulators in March 2022.
According to an interview with The Block, Binance will focus on preparing to comply with the European cryptocurrency regulation MiCA. In Europe, the company said it plans to operate compliantly in larger markets such as France, Italy and Spain.
connection: EU officially approves comprehensive cryptocurrency regulation draft MiCA, to enter into force in stages