The SECGov, binance and binanceUS have announced a proposed agreement to ensure that U.S. customer funds can only be accessed by the U.S.-based crypto trading platform. The agreement needs judicial sign-off. nikhileshde reports
Binance, Binance.US and the Securities and Exchange Commission announced a deal to ensure that only Binance.US employees could access customer funds late Friday in the short-term., which still needs sign-off from the federal judge overseeing the case, Binance.US will take steps to make sure that no Binance Holdings officials have access to private keys for its various wallets, hardware wallets or root access to Binance.US's Amazon Web Services tools. Moreover, the U.S.
The proposed deal comes in response to an SEC motion to freeze all of Binance.US's assets while it pursues the exchange on securities-related charges. The regulator said it was concerned that funds could be moved offshore or records destroyed if it was not granted a temporary restraining order . Binance.US's attorneys pushed back, saying that freezing all of its assets would amount to the"death penalty.
Judge Amy Berman Jackson, of the District Court for the District of Columbia, told the parties that it would be better for them to come to an agreement on a proposed stipulation than to have her craft a restraining order, noting that a TRO comes with a two week limit for a more in depth hearing. Two weeks would be insufficient time to prepare, given the more than 4,000 pages of exhibits the parties have already filed, she said during a hearing earlier this week.
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