International media sources have reported that the U.S. Securities and Exchange Commission (SEC) and Binance US, the American arm of renowned cryptocurrency exchange Binance, have initiated arbitration discussions regarding the freezing of assets.
According to the reports, Binance US is actively participating in the mediation meeting, which focuses specifically on freezing its assets. The SEC had previously filed a lawsuit against Binance and other entities, presenting a total of 13 charges and urgently petitioning for the freezing of Binance US assets. This asset freeze would impede the ongoing operations of Binance.US. However, a U.S. District Court judge has instructed the company to engage in discussions pertaining to the asset freeze, indicating the potential for an agreement between the plaintiffs and defendants. Consequently, the SEC’s motion to freeze the assets may prove unnecessary.
This arbitration meeting holds significant importance as it directly impacts the business continuity of Binance US. Presiding over the conciliation conference is Judge Zia M. Faruqui, whose involvement in cryptocurrency-related cases as a public prosecutor has garnered attention. The official website of the district court indicates that Faruqui has been “in charge of cases such as terrorists’ use of cryptocurrencies.”
As both parties come to the table, the outcome of these talks will shape the future trajectory of Binance US and its asset freezing situation. The cryptocurrency community and market participants eagerly await further developments in this high-profile arbitration process.
