Binance Spars With U.S. Regulators Over Asset Freeze

economictimes.indiatimes.com:

Securities and Exchange Commission to strike a compromise with Binance that would allow the global cryptocurrency exchange to continue operating in the United States as it fights a civil fraud lawsuit filed by the regulator. Last week, the SEC charged Binance and its U.S. affiliate with mishandling customers' deposits and lying to regulators. It also sought to freeze the company's U.S. assets, a move that Binance claimed would force it to shut down in the United States. At a hearing in Washington on Tuesday, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia asked the two sides to confer on a possible agreement over the asset freeze, telling them that they were closer to a deal than the rhetoric in their court filings suggested. Jackson ordered them to continue negotiating and to submit a status update by Thursday. She also expressed skepticism about the SEC's use of its enforcement powers to regulate the crypto world, calling it «inefficient and cumbersome.»

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The moves against Binance are part of an increasingly aggressive regulatory crackdown on the crypto industry. A day after filing the Binance lawsuit, the SEC also sued Coinbase, the largest U.S. exchange, for dealing in unlicensed securities. That one-two punch rattled the industry, raising the specter of a yearslong legal battle over the future of crypto in the United States. Scrutiny has increased since November,