Accord will let crypto platform access funds for operations
SEC sought freeze to protect funds while its suit proceeds
Binance.US and the US Securities and Exchange Commission reached an agreement that avoids a total asset freeze at the cryptocurrency trading platform while the regulator’s suit against it proceeds.
Under the pact announced Saturday, Binance Holdings, BAM Management US, BAM Trading Services and founder Changpeng “CZ” Zhao will repatriate Binance.US customer assets. Binance.US is prohibited from spending corporate assets other than to cover the costs of running its business and US customers are permitted to redeem from the platform, according to the order filed by US judge Amy Berman Jackson in Washington federal court.