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Scoop: BinanceUS Gets Major Order From Court After Partial Victory Against SEC

BinanceUS gets a key order from the court regarding relief from last year's consent order to pursue investments and transfer crypto assets to custodians.
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Scoop: BinanceUS Gets Major Order From Court After Partial Victory Against SEC

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.

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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:

  1. Invest its corporate assets in the ordinary course of its business;
  2. Invest a limited subset of customer assets as defined in the order, and in the US Treasury bills; and
  3. 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

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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.

Also Read: Ryan Selkis Steps Down as Messari CEO

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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