The U.S. Securities and Exchange Commission and Binance have reached an agreement in court that lets the world's largest cryptocurrency exchange continue to operate in the United States as it battles SEC fraud charges.
Under a consent order filed Saturday, the defendants in the June 5 lawsuit agreed to repatriate all assets held for the benefit of Binance’s U.S. trading customers.
But Binance and its CEO, Changpeng Zhao, face additional charges of diverting customer funds - concealing the fact that it was commingling billions of dollars in investor assets and sending them to a third party that Zhao also owned.The order signed by Washington, D.C. federal judge Amy Berman Jackson prevents the defendants from spending corporate assets other than for ordinary business expenses.
The cryptocurrency industry has been marred by scandals and market meltdowns. Industry leaders say the SEC crackdown signals that U.S. regulators believe cryptocurrency has no room in the traditional financial system.
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