Binance.US, SEC working on deal to avoid full asset freeze

Binance.US and the Securities and Exchange Commission agreed to work on a deal that avoids a total asset freeze at the cryptocurrency trading platform, which the regulator has accused of operating illegally

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US district judge Amy Berman Jackson said the two sides "aren't that far apart" on ways to protect billions of dollars in customer funds without shutting the exchange down while the SEC's lawsuit proceeds. She referred them to a magistrate judge to work on a compromise agreement.

"The nitty-gritty of it is better handled by you than by me," Jackson said during a hearing in Washington.

The judge said if a deal is struck, she would no longer need to rule on the SEC's request for a temporary restraining order.

The SEC sought the asset freeze last week for Binance. US, a trading platform owned by Binance Holdings Ltd. founder Changpeng Zhao. In its 5 June lawsuit, the SEC accused Binance and Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules.