The regulator asserted its claims should be counted as part of “general unsecured claims” in the ongoing Chapter 11 bankruptcy proceedings, but agreed to forego the payment “in order to maximize the amount that may be distributed to investors and avoid delay in such distribution,” according to the agreement reached on June 22. Source
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance has enlisted the expertise of a former attorney from the Department of Justice (DOJ) to mount a defense against the lawsuit filed by the Securities and Exchange Commission (SEC). According to Bloomberg, M. Kendall Day has been appointed as Binance’s legal counsel in their ongoing lawsuit with the SEC. His credentials on the Gibson Dunn website indicate that before joining the firm as a partner in its Washington, D.C. branch, Day served as an acting deputy assistant…
Michigan Representative Bill Huizenga, who chairs the United States House Oversight and Investigations Subcommittee, has called out the Securities and Exchange Commission (SEC) for its failure to produce appropriate documents related to the timing of the charges and arrest of former FTX CEO Sam Bankman-Fried. In a June 22 hearing on oversight of the SEC, Rep. Huizenga said “100% of the documents” the commission had provided on SBF’s charges and arrest were publicly available, suggesting an inadequate response to the congressional committee. The lawmaker criticized the SEC for failing to…
Lawyers representing Binance.US, Binance Holdings Limited, and CEO Changpeng “CZ” Zhao have filed a motion alleging that the US Securities and Exchange Commission (SEC) misled the public with statements made in an ongoing securities lawsuit. In a recent filing in the US District Court for the District of Columbia, the legal teams for Binance, Binance.US, and CZ claimed that the SEC had made “misleading” statements in a press release on June 17. The motion calls for the SEC to adhere to “applicable rules of conduct.” The filing specifically referred to…
Lawyers representing United States-based crypto exchange Binance.US, global exchange Binance Holdings Limited and Binance CEO Changpeng “CZ” Zhao have filed a motion alleging the U.S. Securities and Exchange Commission (SEC) misled the public in statements issued over an ongoing securities lawsuit. In a June 21 filing in the U.S. District Court for the District of Columbia, the legal teams for Binance, Binance.US and CZ claimed the SEC had made “misleading” statements in a June 17 press release and filed a motion for the financial regulator to comply with “applicable rules…
The United States Securities and Exchange Commission filed a lawsuit against Binance along with its U.S. platform and CEO Changpeng Zhao on June 5 in a Washington, D.C. federal district court for allegedly violating securities laws and offering unregistered securities. The U.S. regulator has accused the crypto exchange of offering unregistered securities in the form of its now-paused Binance USD (BUSD) stablecoin and its native token BNB (BNB). The SEC also deemed its Simple Earn and BNB Vault products and its staking program as violations of securities law. The SEC…
Once again, the United States Securities and Exchange Commission (SEC) became the week’s headliner. Its intention to freeze the entirety of Binance.US’s assets got a reality check from U.S. district court Judge Amy Berman Jackson, who advised the regulator and the crypto exchange to negotiate a deal bilaterally. The resulting agreement outlines measures for Binance.US to prevent any access by Binance officials to private keys of wallets, hardware wallets or root access to Binance.US’s Amazon Web Services tools. Additionally, the U.S.-based crypto trading platform will disclose comprehensive information on business…
Binance has come to an agreement with the U.S. Securities and Exchange Commission (SEC) after the regulator attempted to freeze the American arm of the firm’s assets. In a new court filing, the SEC has agreed to a proposal that lets Binance.US maintain sole possession of its customers’ assets. “It is further ordered that on or before the date the Court issues this Consent Order, Stipulating Defendants will, through their officers and employees or a non-affiliated third party custodian within the United States, ensure, and each confirm to counsel of…
Coinbase is still enjoying a relatively healthy market sentiment as its stock price and target seem unperturbed by the SEC’s lawsuit. The stock price of Coinbase (NASDAQ: COIN) rose roughly 6% last week, along with the average price target expected by analysts. The major crypto exchange’s stock climbed 5.93% over the period, closing at $55.59. According to data from MarketWatch, COIN has seen more than 57% in year-to-date (YTD) gains, despite its 26.86% drop over the last three months. COIN has also shed 2.10% of its weight in the past month.…
Coinbase chief of legal said that the Court should grant a mandamus since the SEC’s delay is severely impacting the industry. Crypto exchange Coinbase has been actively pursuing its case against the US Securities and Exchange Commission (SEC) to gain enough clarity on the regulatory rules for digital assets. The exchange recently blasted the federal securities regulator for failing to answer questions asked in the US Court of Appeals. In the June 17 letter filed in the court, lawyers representing Coinbase accused the SEC of offering “no straight answers” in…