Binance.US and the U.S. Securities and Exchange Commission (SEC) have agreed to collaborate on an arrangement that will allow the exchange to avoid freezing all of its assets.
Bloomberg reported on June 14 that U.S. District Judge Amy Berman Jackson referred the two organizations to a magistrate judge to work on a compromise arrangement to protect customer funds without the need to shut down the exchange.
– A complete shutdown would have significant consequences not only for the company but also for the digital asset markets in general – Judge Jackson said at a hearing on June 13.
Judge Jackson emphasized that she would not make a final decision on the SEC’s request for a temporary restraining order until the two sides resolve the situation with the judge.
News about the negotiations with the judge is scheduled for June 15.
Additionally, she noted that the SEC and Binance.US appear to be ‘not that far apart’ when it comes to reaching an agreement on the matter.
Before Judge Jackson made her decision at the hearing, former SEC enforcement attorney John Read Stark informed his 20,000 followers on Twitter that there is ‘a lot of conflict between what each side’ wants to get out of the hearing.
