Representatives of the U.S. Securities and Exchange Commission (SEC) reached an agreement with Binance management regarding Binance.US assets. Their complete freeze is canceled.
The U.S. District Court for the District of Columbia approved an interim agreement between Binance and the SEC. According to the document, the compromise solution involves the return of all assets of Binance.US to the accounts of the American company.
It’s also expected to restrict Binance officials’ access to all Binance.US private keys, hardware wallets, and resources located on cloud services. Only employees of the U.S. company will have access to customer funds and corporate assets until the end of the litigation.
Furthermore, Binance.US will be required to disclose comprehensive information about the company’s business expenses, including anticipated costs. The exchange is also required to provide written confirmation of the accounting of funds in accounts associated with BAM Trading that exceed $1,000.
However, while the underlying lawsuit is pending, U.S. customers will retain the ability to withdraw funds and use the platform. Binance.US representatives confirmed the situation, stressing the invalidity of claims and their willingness to seek justice in court. Changpeng Zhao, who is also a defendant in the SEC’s lawsuit, noted the unsubstantiated claims of the regulator. Nevertheless, he was satisfied with the reached agreement and emphasized the safety of customer funds deposited into Binance’s accounts.
The U.S. Securities and Exchange Commission sued several of Binance’s entities and its CEO, seeking a complete freeze of the assets of Binance.US. The court rejected the regulator’s request, insisting on the need to find a compromise solution.
