The US Securities and Exchange Commission (SEC) has entered into an agreement with the Binance bitcoin exchange to limit the access of employees of the parent platform to the assets of Binance.US clients. This is reported CoinDesk.
The decision must be approved by the court.
As part of agreements Binance.US will share details of its business expenses in the coming weeks. Employees of international Binance will lose access to the private keys of wallets and other tools of the US division.
The deal was concluded after the relevant order of the court. On June 6, the SEC filed a motion to freeze digital assets of Binance.US. On June 14, the court ordered the regulator and the American crypto exchange to find a compromise to ensure the protection of client assets with the possibility of continuing the operation of the platform.
During the hearing, a Binance.US spokesperson noted that the company should be able to fund normal expenses, while an asset freeze could be “misinterpreted by banks.”
The platform has committed not to transfer assets or make payments to any entity within the corporate structure without the order of a judge.
Recall that on June 5, the SEC sued Binance and Zhao. The agency filed 13 charges, including the sale of unregistered securities.
The company responded by issuing a statement saying it was prepared to “resolutely defend itself”.
Binance.US later announced a suspension of USD deposits and advised clients to withdraw fiat funds by June 13th.
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The US Securities and Exchange Commission (SEC) has entered into an agreement with the Binance bitcoin exchange to limit the access of employees of the parent platform to the assets of Binance.US clients. This is reported CoinDesk.
The decision must be approved by the court.
As part of agreements Binance.US will share details of its business expenses in the coming weeks. Employees of international Binance will lose access to the private keys of wallets and other tools of the US division.
The deal was concluded after the relevant order of the court. On June 6, the SEC filed a motion to freeze digital assets of Binance.US. On June 14, the court ordered the regulator and the American crypto exchange to find a compromise to ensure the protection of client assets with the possibility of continuing the operation of the platform.
During the hearing, a Binance.US spokesperson noted that the company should be able to fund normal expenses, while an asset freeze could be “misinterpreted by banks.”
The platform has committed not to transfer assets or make payments to any entity within the corporate structure without the order of a judge.
Recall that on June 5, the SEC sued Binance and Zhao. The agency filed 13 charges, including the sale of unregistered securities.
The company responded by issuing a statement saying it was prepared to “resolutely defend itself”.
Binance.US later announced a suspension of USD deposits and advised clients to withdraw fiat funds by June 13th.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!