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Binance.US and SEC Reach Landmark Agreement to Expedite Legal ProceedingsThe crypto space was rocked on June 5 when the US Securities and Exchange Commission (SEC) sued Binance and its CEO, Changpeng Zhao (CZ), alleging the crypto giant engaged in risky practices that jeopardized investors&#39; assets while reaping billions of dollars in profits.According to court filings, the SEC accused Binance of commingling billions of dollars of customer funds and covertly transferring them to a separate company controlled by its CEO, CZ.However, the US Securities and Exchange Commission (SEC) and Binance have reached an important agreement aimed at expediting the ongoing case while ensuring the safety of US customers&#39; assets within the country.This development was confirmed through <a href="https://www.johnreedstark.com/wp-content/uploads/sites/180/2023/06/ConsentOrder.pdf" rel="noopener noreferrer nofollow">court filings</a> on June 16, with Judge Amy Jackson approving the agreement. However, she denied the SEC&#39;s request for a temporary restraining order (TRO) to freeze Binance.US&#39; assets. Judge Jackson had previously encouraged both parties to negotiate an agreement to avoid a complete asset freeze.The SEC had sought an asset freeze due to concerns about the mingling of funds and potential transfer of assets outside the United States. Gurbir Grewal, the Director of the SEC&#39;s Division of Enforcement, stressed the importance of these prohibitions to protect investor assets.In a statement released on June 17, Grewal stated, &#34;Given that Changpeng Zhao and Binance have control of the platforms&#39; customers&#39; assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets.&#34;Binance.US and its CEO, Changpeng Zhao (CZ), have vehemently denied all allegations and accused the SEC of using heavy-handed tactics to stifle the crypto industry.In response to the approval of the agreement, Binance.US issued a statement saying, &#34;There has never been any evidence presented by the SEC concerning misuse of customer assets. In fact, the SEC lawyers conceded in court earlier this week, when asked by the Judge, that they had no evidence suggesting that any such thing had occurred.&#34;Dubbed the &#34;Proposed Stipulation and Consent Order,&#34; the agreement allows Binance.US to continue operating normally during the legal proceedings. It also severs the alleged connection between Binance Holdings and Binance.US (officially known as BAM Trading in legal filings). The agreement includes provisions for repatriating any assets originating from the United States that may have been moved abroad.Notably, the agreement incorporates an emergency asset relief provision requested by the SEC, allowing Binance.US customers to access and withdraw their funds from the platform during the litigation process.Grewal confirmed, &#34;We ensured that US customers will be able to withdraw their assets from the platform while we work to resolve the alleged underlying misconduct.&#34;To enhance security measures, Binance.US has been given sole oversight of the funds and is responsible for ensuring that Binance Holdings officials cannot access its wallets, private keys, or Amazon Web Services tools. As part of the agreement, Binance.US will transfer all customer funds to new wallets accessible only by its employees. Additionally, Binance.US is restricted to spending only the necessary funds for essential day-to-day operations.Another noteworthy aspect of the agreement is the provision for expedited discovery, addressing concerns within the crypto community about lengthy legal proceedings. By compelling all defendants to provide expedited discovery and sworn testimony to the SEC, the consent order aims to significantly reduce the time required to reach a conclusion in Binance&#39;s case.The agreement also mandates that Binance.US provide a &#34;verified written accounting&#34; of all accounts and transfers made between December 31, 2022, and the date of the accounting.Judge Jackson, presiding over the Binance-SEC case, will also issue preliminary rulings on whether certain cryptocurrencies can be classified as securities under the law as part of the litigation process. The SEC has identified several tokens, including Cardano, Solana, Polygon, and BNB, among others, as securities in their cases against the two exchanges. The outcome of these preliminary judgments is expected to have a significant impact on the broader crypto industry in the United States.Catch up on our published articles for the week!NEWS●  OpenAI CEO Sam Altman Concludes Tokyo Visit, Expresses Optimism about Global Collaboration in Addressing AI Risks &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/openai-ceo-sam-altman-concludes-tokyo-visit-expresses-optimism-about-global-collaboration-in-addressing-ai-risks/" rel="noopener noreferrer nofollow"> Read more</a>.●   UK Prime Minister Reveals Plans to Establish Britain as Global Hub for AI Safety Regulation &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/uk-prime-minister-reveals-plans-to-establish-britain-as-global-hub-for-ai-safety-regulation/" rel="noopener noreferrer nofollow"> Read more</a>.●   DeFi Protocol, Sturdy Finance, Loses Over $800,000 in Security Breach &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/defi-protocol-sturdy-finance-loses-over-800000-in-security-breach/" rel="noopener noreferrer nofollow"> Read more</a>.●  Stellar Cyber Partners with Mimecast to Bolster Email Security Against Phishing Attacks &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/stellar-cyber-partners-with-mimecast-to-bolster-email-security-against-phishing-attacks/" rel="noopener noreferrer nofollow"> Read more</a>.●  Tether Bolsters Inventory with $1 Billion USDT Token Release on Ethereum Blockchain &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/tether-bolsters-inventory-with-1-billion-usdt-token-release-on-ethereum-blockchain/" rel="noopener noreferrer nofollow"> Read more</a>.●   Binance.US Opposes SEC’s Attempt to Freeze Assets, Labels Motion as ‘Draconian’ &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/binance-us-opposes-secs-attempt-to-freeze-assets-labels-motion-as-draconian/" rel="noopener noreferrer nofollow"> Read more</a>.●   Apple Warns Decentralized Social Media, Damus, to Comply With Guidelines or Face Removal From App Store &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/apple-warns-decentralized-social-media-damus-to-comply-with-guidelines-or-face-removal-from-app-store/" rel="noopener noreferrer nofollow"> Read more</a>.●   BoomFi Secures $3.8 Million in Funding to Drive Innovation in Crypto Payment Solutions &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/boomfi-secures-3-8-million-in-funding-to-drive-innovation-in-crypto-payment-solutions/" rel="noopener noreferrer nofollow"> Read more</a>.●   U.S. SEC vs. Ripple: Documents Revealing Internal Discussions on Hinman’s Speech Finally Released &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/u-s-sec-vs-ripple-documents-revealing-internal-discussions-on-hinmans-speech-finally-released/" rel="noopener noreferrer nofollow"> Read more</a>.●  Hong Kong Leads the Way in Stablecoin Regulation, Aims for Clear Guidelines by 2024 &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/hong-kong-leads-the-way-in-stablecoin-regulation-aims-for-clear-guidelines-by-2024/" rel="noopener noreferrer nofollow"> Read more</a>.●  US Treasury Department Official Advocates for Privacy and Offline Capabilities in Potential Digital Dollar Design &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/us-treasury-department-official-advocates-for-privacy-and-offline-capabilities-in-potential-digital-dollar-design/" rel="noopener noreferrer nofollow"> Read more</a>.●  Michael Saylor Predicts Bitcoin Dominance and Price Surge Following U.S. SEC’s Enforcement Actions &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/michael-saylor-predicts-bitcoin-dominance-and-price-surge-following-u-s-secs-enforcement-actions/" rel="noopener noreferrer nofollow"> Read more</a>.●  New AI Startup Mistral Secures $113M in Seed Funding, Achieves $260M Valuation within 2 Months &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/new-ai-startup-mistral-secures-113m-in-seed-funding-achieves-260m-valuation-within-2-months/" rel="noopener noreferrer nofollow"> Read more</a>.●  Google Unveils AI-Powered Ad Solutions for Enhanced Placement and Engagement &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/google-unveils-ai-powered-ad-solutions-for-enhanced-placement-and-engagement/" rel="noopener noreferrer nofollow"> Read more</a>.●  U.S. SEC Responds to Coinbase’s Petition, Requests for Four Months to Address the Issues Raised &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/u-s-sec-responds-to-coinbases-petition-requests-for-four-months-to-address-the-issues-raised/" rel="noopener noreferrer nofollow"> Read more</a>.●  AMD Unveils MI300X AI Processor to Challenge Nvidia’s Dominance in the GPU Market &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/amd-unveils-mi300x-ai-processor-to-challenge-nvidias-dominance-in-the-gpu-market/" rel="noopener noreferrer nofollow"> Read more</a>.●  Amber Group Commits to Providing Seamless On/Off Ramp Services Amidst US Banking Challenges &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/amber-group-commits-to-providing-seamless-on-off-ramp-services-amidst-us-banking-challenges/" rel="noopener noreferrer nofollow"> Read more</a>.● EU Parliament Passes A.I. Act, Sets Stage for Comprehensive AI Regulation &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/eu-parliament-passes-a-i-act-sets-stage-for-comprehensive-ai-regulation/" rel="noopener noreferrer nofollow"> Read more</a>.● OKX Receives Preparatory License From Dubai’s VARA, Sets Sights on Expansion Into Middle East Market &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/okx-receives-preparatory-license-from-dubais-vara-sets-sights-on-expansion-into-middle-east-market/" rel="noopener noreferrer nofollow"> Read more</a>.● Hong Kong’s Central Bank Urges Major Banks to Embrace Cryptocurrency Exchanges As Clients &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/hong-kongs-central-bank-urges-major-banks-to-embrace-cryptocurrency-exchanges-as-clients/" rel="noopener noreferrer nofollow"> Read more</a>.● FTX Co-Founder Sam Bankman-Fried to Face Original Charges as Trial Proceeds Amidst Complex Legal Battle &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/ftx-co-founder-sam-bankman-fried-to-face-original-charges-as-trial-proceeds-amidst-complex-legal-battle/" rel="noopener noreferrer nofollow"> Read more</a>.● ByBit Harnesses AI with ToolsGPT to Enhance Cryptocurrency Trading Experience &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/bybit-harnesses-ai-with-toolsgpt-to-enhance-cryptocurrency-trading-experience/" rel="noopener noreferrer nofollow"> Read more</a>.● Valour Introduces 1Valour Bitcoin Physical Carbon Neutral ETP, a New Eco-Friendly Investment Option &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/valour-introduces-1valour-bitcoin-physical-carbon-neutral-etp-a-new-eco-friendly-investment-option/" rel="noopener noreferrer nofollow"> Read more</a>.● Celsius Seeks Court Approval for Reorganization Plan As Fahrenheit Acquisition Progresses &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/celsius-seeks-court-approval-for-reorganization-plan-as-fahrenheit-acquisition-progresses/" rel="noopener noreferrer nofollow"> Read more</a>.● Colombia’s Central Bank Partners With Ripple to Explore Blockchain’s Potential in the Country’s Payment System &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/colombias-central-bank-partners-with-ripple-to-explore-blockchains-potential-in-the-countrys-payment-system/" rel="noopener noreferrer nofollow"> Read more</a>.● Legal Battle Intensifies as U.S. SEC Challenge Terraform and Do Kwon’s Motion to Dismiss Lawsuit &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/legal-battle-intensifies-as-u-s-sec-challenge-terraform-and-do-kwons-motion-to-dismiss-lawsuit/" rel="noopener noreferrer nofollow"> Read more</a>.● Sturdy Finance Reopens Stablecoin Market After Security Breach, Reaffirms Saftey of Users’ Funds &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/sturdy-finance-reopens-stablecoin-market-after-security-breach-reaffirms-saftey-of-users-funds/" rel="noopener noreferrer nofollow"> Read more</a>.● BitMart and Hong Kong Virtual Assets Consortium to Drive Innovation in Cryptocurrency Industry &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/bitmart-and-hong-kong-virtual-assets-consortium-to-drive-innovation-in-cryptocurrency-industry/" rel="noopener noreferrer nofollow"> Read more</a>.ARTICLES●  Understanding the Similarities and Differences Between USDT and USDC &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/understanding-the-similarities-and-differences-between-usdt-and-usdc/" rel="noopener noreferrer nofollow"> Learn more.</a>● Exploring The Synergy of AI and Blockchain: Top AI-Cryptocurrency Projects You Need To Know &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/exploring-the-synergy-of-ai-and-blockchain-top-ai-cryptocurrency-projects-you-need-to-know/" rel="noopener noreferrer nofollow"> Learn more.</a>● How to Choose a Crypto Wallet: Top 7 Factors to Consider When Choosing a Crypto Wallet &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/how-to-choose-a-crypto-wallet-top-7-factors-to-consider-when-choosing-a-crypto-wallet/" rel="noopener noreferrer nofollow"> Learn more.</a>● Introducing Islamic Coin: The World’s First Sharia-Compliant Cryptocurrency &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/introducing-islamic-coin-the-worlds-first-sharia-compliant-cryptocurrency/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Introducing XRP Healthcare: The Future Of Pharma And Healthcare On Blockchain &gt;&gt;&gt;<a href="https://defi-planet.com/2023/06/introducing-xrp-healthcare-the-future-of-pharma-and-healthcare-on-blockchain/" rel="noopener noreferrer nofollow"> Learn more.</a><h4>ICYMI…</h4>Crypto Payments Firm Wyre Shutting DownSan Francisco-based crypto payments firm, Wyre, recently <a href="https://blog.sendwyre.com/wyre-operations-update-712a6d084229" rel="noopener noreferrer nofollow">announced</a> its closure after almost a decade in business. The company cited financial challenges caused by the bear market as the primary reason for the decision, noting that it was unrelated to any regulatory agency direction in the United States.Wyre emphasized the security of customer assets during the shutdown. Users were informed that they could withdraw assets via Wyre&#39;s dashboard until July 14. Interested parties were encouraged to contact 88 Partners regarding the acquisition of Wyre&#39;s assets.In January, Juno advised users to withdraw assets due to uncertainty surrounding Wyre. MetaMask also discontinued support for Wyre&#39;s payment services. Wyre faced internal challenges, including <a href="https://layoffstracker.com/wyre-lays-off-75-employees/" rel="noopener noreferrer nofollow">layoffs</a> and a temporary withdrawal limit. The cap was lifted after securing financing from an undisclosed partner.Wyre&#39;s closure adds to the struggles faced by crypto and blockchain firms in the bear market. Notable companies like Unbanked, BottlePay, HotBit, Terressa, and TradeBlock also announced shutdowns in May, reflecting broader industry challenges.Spotlight on interesting projectsBetDEXThe <a href="https://www.betdex.com/" rel="noopener noreferrer nofollow">BetDEX Exchange</a> is a sports betting exchange built on the Monaco Protocol, allowing for peer-to-peer wagering.The Exchange is licensed and regulated under the jurisdiction of the Isle of Man via the Gambling Supervision Commission. BetDEX is a key contributor to the Monaco Protocol, a permissionless decentralized and open-sourced protocol built on the Solana blockchain, supporting prediction and betting markets.For more information, visit <a href="https://www.betdex.com/" rel="noopener noreferrer nofollow">https://www.betdex.com/</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f5c5104ff75f407fa6e4ece9d72bdd9f.png" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #54 | SEC and Binance Strike Compromise to Ensure Investor Safety

DeFi Planet

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