- An unconfirmed report that the trial will begin at 9:00 pm Kiev time
- Binance.US had previously filed a counterclaim to the SEC’s demand
- The exchange is fully prepared with maximum legal support
The SEC will hold a hearing today, June 13 in U.S. District Court for the District of Columbia on the demand for a TRO on Binance.US assets.. The exchange has filed a countersuit, hired a top lawyer, and is willing to spend a fabulous amount on the trial.
Information about the trial date was confirmed by former SEC official John Reed Stark. An insider with the nickname “MetaLawMan” claims that the hearing will begin at 14:00 local time (21:00 Kiev time). But that is unconfirmed.
A user also noted that Binance.US allegedly offered the deal to the SEC, but was turned down. It involved measures to protect investor funds, auditing the platform, and turning over private keys to federal authorities.
What is known at this point?
SEC requested a TRO (temporary restraining order) shortly after filing suit against Binance. According to the regulator, the court should freeze the assets of Binance.US in order to ensure the safety of the platform’s customers’ funds.
On Monday, June 12, the U.S. branch of the exchange filed a counter motion to dismiss the demand. It allegedly threatens the company with complete liquidation, which will certainly lead to customer losses.
According to an insider, Binance has set aside $1 billion for litigation with the SEC. The company has also hired top lawyers in the U.S., including former SEC official George Canellos.
At the same time, John Reed Stark claims that the Justice Department is also investigating the platform. The process is going on behind closed doors and no details are known.
So, does Binance.US have a chance of swaying the court to reverse the asset freeze request? Yes, but also consider the fact that the SEC is more than serious. And it hardly concedes that easily.
Stay tuned for updates on this topic on our website.