While the Securities and Exchange Commission (SEC) recently pursued Binance US, an agreement appears to have been reached between the two parties.
Deal
Binance, Binance.US and the Securities and Exchange Commission (SEC) late Friday announced a deal to ensure that only Binance.US employees can access customer funds in the short term, in be more precise.
Binance.US will take steps to make sure that no officials from Binance Holdings, the global exchange, have access to private keys for wallets or hardware wallets, or root access to Binance.US's Amazon Web Services tools. The U.S.-based crypto trading platform will share detailed information about its business expenses, including estimated costs, in the coming weeks.
US District Judge Amy Berman Jackson said Tuesday the two sides “aren’t that far apart” on ways to protect billions of dollars in customer funds without shutting the exchange down while the SEC’s lawsuit proceeds. She referred them to a magistrate judge to work on a compromise agreement.
“The nitty-gritty of it is better handled by you than by me,” Jackson said during a hearing in Washington. The judge said if a deal is struck, she would no longer need to rule on the SEC’s request for a temporary restraining order.
Conclusion :
So Binance and the SEC didn't need Miss Jackson to temporarily resolve their differences and avoid the risk of having the funds of Binance's U.S. users frozen, which would have further complicated the situation.
Nevertheless, let's not forget that the matter is still fresh, and the agreement still needs to be approved by a federal judge. U.S. customers are still allowed to withdraw their funds from the platform. Suspense remains in place as we head into the weekend.
Thumbnail source : cointribune
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