Binance.US and BAM could exit the asset freeze and retain partial control over the funds.
Binance.US and the US Securities and Exchange Commission (SEC) may reach an agreement to avoid a total asset freeze, Bloomberg said on June 13 .
The SEC filed a lawsuit against Binance.US and related companies on June 5. They then requested an injunction and asset freeze on June 8.
Judge Amy Berman Jackson said at a recent hearing that a complete freeze of Binance funds would have “significant consequences . ” She said she would not approve the asset freeze until both sides reach an agreement with the magistrate judge.
Separate reports suggest a June 15 deadline for that deal.
Stakeholders also submitted an amended order allowing the parent companies of Binance.US — BAM Trading and BAM Management — to retain control of users’ crypto and fiat assets for the purpose of facilitating convenient for customers.
The order will also authorize BAM to pay ordinary business expenses; The SEC or the court will decide the specifics regarding this in the future.
Furthermore, the BAM company will be required to provide the SEC advisor with details regarding accounts, balances, clients and other information.