A federal judge told the Securities and Exchange Commission and the American arm of crypto giant Binance to hash out an agreement that would allow the company to maintain basic operations while defending itself against charges it violated securities laws.
Binance.US, its global affiliate Binance and CEO Changpeng Zhao, alleging that they misused customer funds, knowingly misled investors and dodged basic disclosure rules.
At Tuesday’s court hearing, the agency argued that the asset freeze was necessary to protect $2.2 billion in U.S. customer assets held by Binance.US, given the company’s murky relationship with its international cousin and what the SEC says are shifting accounts from the crypto empire about who controls what. Binance.
SEC Chairman Gary Gensler has been warning since taking the agency’s helm two years ago that the entire crypto industry was operating outside the law and that a reckoning was coming. Those calls took on urgency last fall after the implosion of onetime crypto trading giant FTX, as Gensler told surviving companies they were “running out of runway” to register with the agency. In a speech to an investment conference on Thursday, he repeated what has become a refrain to industry executives resisting regulation: “Not liking the message isn’t the same thing as not receiving it.”
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