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Highlights
- BAM Trading Services and BAM Management US Holdings (Binance.US) gets order regarding relief from last year's consent order.
- The exchange will invest its corporate assets, invest customer assets in Treasury bills, and transfer crypto to non-affiliated third-party custodians.
- The SEC agreed to not oppose the relief requested by Binance.US
Binance’s US-based crypto exchange BinanceUS has received a major order from the court granting the exchange relief from last year’s consent order by Judge Jackson. Also, the U.S. SEC agreed to not oppose the relief sought by Binance.US to comply with the consent order. The order marks another win for the exchange and the crypto industry.
BinanceUS Files For Relief From Consent Order
In the latest court filing with the district court, defendants BAM Trading Services and BAM Management US Holdings (Binance.US) have received an order from the court for relief from last year’s consent order. The move comes after Judge Amy Jackson denied the BAM defendants’ motion to dismiss the complaint last month.
Binance.US used inherent authority and Section IX of the Consent Order to make a request. Under Section IX, the judge ordered that stipulating parties have the right to seek additional relief, or relief from the consent order itself, as available under the Federal Rules of Civil Procedure and applicable law.
BAM is now authorized by the court for:
- Invest its corporate assets in the ordinary course of its business;
- Invest a limited subset of customer assets as defined in the order, and in the US Treasury bills; and
- Transfer crypto assets to non-affiliated third-party custodians as weighed by the consent order.
In addition, BinanceUS has also conferred with SEC counsel regarding the relief. While the SEC disagrees with the crypto exchange’s assessment as to whether the relief sought implicates the consent order, it has agreed to not oppose the relief requested.
Also Read: Polygon Labs CISO Confirms CrowdStrike Use, Systems Unaffected
Binance Verdict Provided Major Clarity
Defendants Binance Holdings and former CEO Changpeng Zhao also did not opposed this motion by BinanceUS. The consent order mandated Binance.US to separate its system, crypto assets, and team from the larger crypto exchange Binance.
Recently, Binance achieved a landmark partial victory against the SEC. While most motions moved forward for trial, the win on motions regarding crypto secondary sales and sales of stablecoin provided much-needed clarity. Judge Jackson ruled that secondary sales of BNB and sales of BUSD were not securities. The crypto community said the SEC and Chair Gary Gensler ruined Binance and Paxos’ BUSD stablecoin business.
Moreover, the judge agreed with the SEC’s claim against Binance BNB Vault but dismissed the claim related to Simple Earn.
The judge ordered the parties to file a joint submission by July 29 for further proceedings. Binance and SEC are also required to set deadlines for any motion to amend the complaint or for relief from the recent decision on a motion to dismiss.
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