SEC and BAM Trading Seek Consent Order Amid Asset Dispute

What’s Cooking in the SEC and BAM Trading Kitchen?

The recent legal tango between the United States Securities and Exchange Commission (SEC) and BAM Trading has the flavor of a financial thriller. They’ve thrown in a request for a consent order to lift some of the previous restrictions on BAM Trading, which, let’s face it, sounds like a scene straight out of a corporate drama.

What is this Consent Order Anyway?

The proposed consent order is like a friendly handshake to reassure the SEC while allowing BAM Trading to handle its business commitments – payroll, bills, and other essential financial tasks, AKA keeping the lights on.

Details of the Order

According to the proposed terms, BAM Trading and BAM Management can:

• Continue to pay for goods and services.
• Ensure salaries and preexisting benefits remain intact.
• Cover professional fees and other ordinary expenditures necessary for their operations.

However, there’s a big fat “but” in this legal spaghetti – Binance isn’t allowed to move any assets to any individual or entity representing it. That’s about as clear as a mud puddle on a rainy day.

Binance CEO Left in the Cold

Strap in! The plot thickens with the stipulation that Binance CEO, Changpeng Zhao, is explicitly barred from accessing any BAM Trading or Binance.US assets. It’s like saying, “Hey, CEO! You can’t dip your fingers in this particular cookie jar!”

SEC’s Legal Actions

Following a lawsuit against Binance and Zhao, the SEC pulled the emergency brake, asking the court to freeze BAM Trading’s assets as if they were in a high-stakes game of Freeze Tag. BAM Trading’s response? “Not so fast!” They argued that the SEC hadn’t provided sufficient proof to justify such drastic measures.

The Court’s Response: Hold Your Horses

As of this article’s publication, the court hasn’t blessed the proposed consent order. Instead, Judge Amy Berman Jackson has thrown the ball back into the court of both parties, asking for additional input on the order before making a decision. It’s like waiting for the referee’s final call after a heated game of football.

What’s Next?

Expect to hear more on this saga soon, since the court has set a deadline for both parties to clarify their positions. The financial world is watching, popcorn in hand, waiting to see how this legal drama unfolds.