The Associated Press reported on the 17th (local time) that Binance, the world's largest cryptocurrency exchange, has reached a court agreement with the US Securities and Exchange Commission (SEC) to allow it to continue operating in the United States while the lawsuit is pending.
According to a Washington DC federal court order, Binance has agreed to return all related assets to the United States for the benefit of its US trading clients. Binance is required to create a new digital wallet for US customers and transfer assets within two weeks.
The order also prohibited Binance from using corporate assets outside of its usual business expenses. It also states that Binance is subject to SEC supervision in relation to all expenditures and that Binance is prohibited from destroying any records.
The Associated Press reported that Binance was able to continue doing business in the United States while pursuing the lawsuit with the SEC.
Previously, on the 5th, the SEC filed a lawsuit against Binance and Binance CEO Changpeng Zhao on charges of violating the Securities and Exchange Act. The SEC saw that Binance was operating as an unregistered stock exchange. Regarding CEO Changpeng Zhao, they allegedly misappropriated customer funds.
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