Cryptocurrency News Official TheBitTimes.com

Judge Considers Ripple Ruling in the SEC Vs Binance Lawsuit Judge Amy Berman Jackson has denied a motion to intervene in the US SEC enforcement action against Binance filed by Eeon, according to a court filing. advertisement On July 27, defendants Binance Holdings and Changpeng “CZ” Zhao opposed a request to intervene by Eeon, giving three reasons to the court to deny the motion. Plaintiff the SEC also requested the court to deny the petition as per the Exchange Act and counterclaims seeking relief from the SEC and Binance . Judge Jackson agreed with Binance and US SEC’s response that the law prohibits the consolidation of a private action with one brought by the SEC without its consent. She also cites cases such as US SEC v. Ripple Labs preventing private cross-claims, counter-claims, and third-party claims to SEC enforcement actions. “The SEC’s response 92 (“SEC Opp.”). Section 21(g) of the Exchange Act provides th...

The request for the freezing order applies to the Binance.Us companies and not to the exchange’s non-US entities. Besides, the order would also apply to dozens of accounts held by Binance.US at different banking institutions such as Axos Bank, Prime Trust, the defunct Silvergate Bank, and other institutions. advertisement The SEC alleges that two foreign entities – Sigma Chain and Merit Peak – controlled by Zhao, are also involved in improperly comingling billions of dollars of customers’ funds, with Binance’s funds. SEC said that the immediate restraint order was necessary. It added: This will “prevent the dissipation of available assets for any judgment, given the Defendants’ years of violative conduct, disregard of the laws of the United States.” In its lawsuit filed earlier this week, the SEC has accused Binance and Zhao on thirteen separate counts of defrauding investors, operating as an unregistered broker-de...