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A significant development has occurred in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance. The giant cryptocurrency exchange Binance announced an agreement made between Binance, Binance US and the SEC to ensure only Binance US employees can access customer funds.
Details of the Binance-SEC Agreement:
The proposed agreement, which is suggested to be signed by the federal judge overseeing the case, mandates Binance US to take steps to prevent any Binance Holdings (global cryptocurrency exchange) officials from accessing various wallets, hardware wallets, or Binance US’s Amazon Web Services tools’ root access via private keys. As part of this, all customer funds and wallet keys in Binance US will be returned and stored within U.S. borders. Binance US will also provide detailed information about the company’s expenses, including estimated company costs, in the coming weeks.
This proposed agreement comes after the SEC demanded all Binance US assets be frozen. The SEC feared potential offshore fund transfers or record destruction if a temporary restraining order (TRO) was not issued. The legal representatives of Binance US opposed the freezing of all company assets, arguing that freezing the company’s assets would be equivalent to a death sentence and demanded backpedaling on this matter.
The Judge Had Also Suggested Making an Agreement
Judge Amy Berman Jackson of the Columbia District District Court told the parties it would be better to agree on a proposed specification rather than prepare a restraining order. Jackson also added that the restraining order was given with a two-week limit for a more in-depth hearing.
During a hearing earlier this week, the judge, taking into account the evidence presented by Binance’s lawyers and the SEC which is more than 4,000 pages, said the time would be insufficient for preparation for a comprehensive hearing, suggesting that an agreement between the parties would be a better decision.
