Calculation Period 09:00 AM (UTC) to 10:00 AM (UTC): Subscription closes and token allocation calculation begins.Please note that once committed, your BNB will be locked and you will not be able to redeem or access any other functions such as transfers, withdrawals or trading until final token distribution. Users must also sign the Token Purchase Agreement at the same time, prior to committing their BNB. Subscription Period 06:00 AM (UTC) to 09:00 AM (UTC): Subscription will open at this time for all eligible users for a 3-hour period.Your final average daily BNB balance over these 8 days will determine the maximum amount of BNB that you can commit later on. Preparation Period 00:00 AM (UTC) to 00:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 8-day period.The memorandum said Binance.US customer assets total over $2.2 billion and described Zhao as “a foreign national who has made overt his views that he is not subject to the jurisdiction of this court. In a memorandum, the SEC said “Zhao and Binance have a pattern and practice of commingling customer funds” as well as “moving funds outside of the US and/or on the blockchain where they are outside of this court’s reach.” Read more: Binance Money Trail Reveals $70 Billion Flowing Through Banks Those funds were transferred to a third party and then appeared to be used to purchase and sell crypto, according to the complaint. It also asked for the repatriation of crypto belonging to US customers - a request made only when there is a risk assets may be lost or concealed.Īmong the allegations in the lawsuit, the SEC claims Binance improperly moved billions of dollars of customer funds to a bank account for an entity controlled by Zhao. In its June 5 lawsuit, the SEC accused Binance and Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. “User funds have been and always will be safe and secure on all Binance-affiliated platforms,” the spokesperson said. Binance.US, which is fighting the SEC’s suit and says customer assets are safe, argued that blocking the flow of all funds would cripple its business and hurt customers.īinance.US on Saturday said it was “pleased” that the disagreement over the SEC’s request was resolved on mutually acceptable terms, though it maintains that the call for a freeze was “entirely unwarranted,” according to a spokesperson. The SEC had originally sought a total asset freeze at Binance.US, the trading platform owned by Binance Holdings Ltd. The decision by the judge finalized an agreement struck between the parties to protect billions of dollars in customer funds without shutting the exchange down. Binance.US is prohibited from spending corporate assets other than to cover the costs of running its business and US customers are permitted to redeem from the platform, according to the order filed by US judge Amy Berman Jackson in Washington federal court. Under the pact announced Saturday, Binance Holdings, BAM Management US, BAM Trading Services and founder Changpeng “CZ” Zhao will repatriate Binance.US customer assets. You Won’t Be Missed.Ī Cheap Fix to Global Warming Is Finally Gaining Support Xi Tells Blinken ‘Very Good’ That Progress Made on US-China Tiesįlorida Is Losing Its Affordability Edge After Drawing a Flood of New Arrivals Tucker Carlson's Fox Defense Crumbled When He Took Millions (Bloomberg) - Binance.US and the US Securities and Exchange Commission reached an agreement that avoids a total asset freeze at the cryptocurrency trading platform while the regulator’s suit against it proceeds.
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