A federal judge in Washington, D.C. has decided not to freeze the assets of Binance and its U.S. arm, Binance.US, in the ongoing case brought by the U.S. Securities and Exchange Commission (SEC).
The judge, Amy Berman Jackson, believes that if both sides can agree on certain limits and restrictions, there is no need for a restraining order. However, she has ordered Binance.US to provide a list of its business expenses and instructed the parties to continue negotiating, Coindesk said.
The judge expressed frustration with the SEC lawyers regarding their concerns about Binance's control over private keys and the movement of customer funds.
The judge also questioned the distinction between crypto assets and crypto asset securities, highlighting the ongoing debate about how to categorize these digital assets.
The SEC has sued Binance, Binance.US, and Binance's founder, Changpeng Zhao, alleging that they operated as unregistered securities exchanges and allowed commingling of funds. The parties involved have been urged to reach an agreement to allow for further examination of the case.