United

<p><strong>Even though the lawsuit is far from over, SEC and Binance.US came to a temporary agreement regarding asset access.</strong></p>
<h2 style="text-align: center;" id="binance-us-limits-access-to-customer-funds">Binance.US Limits Access to Customer Funds</h2>
<p>Binance, Binance.US, and the United States Securities and Exchange Commission (SEC) have <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.70.0.pdf" target="_blank" rel="noopener">reached</a> a temporary agreement. The agreement restricts access to customer funds to only Binance.US employees. The agreement aims to prevent Binance officials from accessing private keys and ensures the disclosure of business expenses.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">BREAKING🚨 <a href="https://twitter.com/hashtag/BINANCE?src=hash&amp;ref_src=twsrc%5Etfw">#BINANCE</a> US</p>
<p>BINANCE US IS SAFU 🔐</p>
<p>Binance and SEC strike deal to move all customer Funds Wallet<br />
Keys back onshore. <a href="https://t.co/Mds1Q2Reb7">pic.twitter.com/Mds1Q2Reb7</a></p>
<p>— BITCOINLFG® (@bitcoinlfgo) <a href="https://twitter.com/bitcoinlfgo/status/1669951319724163073?ref_src=twsrc%5Etfw">June 17, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="preventing-unauthorized-access">Preventing Unauthorized Access</h2>
<p>The proposed agreement, awaiting approval from a federal judge, outlines measures for Binance.US to restrict access by Binance officials. Binance.US will ensure that Binance officials cannot access private keys of wallets, hardware wallets, or root access to Binance.US&#8217;s Amazon Web Services tools. The agreement also includes a provision for Binance.US to disclose comprehensive information on business expenses, including estimated costs.</p>
<h2 style="text-align: center;" id="responding-to-sec-8217-s-motion">Responding to SEC&#8217;s Motion</h2>
<p>The agreement is a response to the SEC&#8217;s motion to freeze Binance.US&#8217;s assets during <a href="https://walletinvestor.com/magazine/binance-us-responds-to-sec-allegations" target="_blank" rel="noopener">ongoing legal proceedings</a>. The SEC expressed concerns about funds being transferred offshore or crucial records being intentionally destroyed. Binance.US&#8217;s legal representatives opposed a complete freeze, stating that it would severely impact the company.</p>
<h2 style="text-align: center;" id="judicial-advice-for-stipulation">Judicial Advice for Stipulation</h2>
<p>During a hearing, U.S. district court judge Amy Berman Jackson advised the parties to reach an agreement on a proposed stipulation. She emphasized that a temporary restraining order has a limited duration of two weeks, which might be insufficient for a comprehensive hearing due to the large volume of exhibits submitted.</p>
<h2 style="text-align: center;" id="additional-provisions">Additional Provisions</h2>
<p>The proposed agreement includes additional provisions to address the SEC&#8217;s concerns. Binance.US will create new crypto wallets inaccessible to employees of other Binance entities. The platform also commits to providing additional information to the SEC and agrees to an accelerated discovery schedule. Importantly, U.S.-based customers can still withdraw funds during this period.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">1️⃣ <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> and <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> US strike a deal with the SEC 🤝</p>
<p>👉 SEC&#8217;s motion for a restraining order addressed!</p>
<p>👉 But judicial sign-off still pending! <a href="https://t.co/yMRq05sFYv">pic.twitter.com/yMRq05sFYv</a></p>
<p>— Keyur Rohit (@CryptoKingKeyur) <a href="https://twitter.com/CryptoKingKeyur/status/1669987236295876608?ref_src=twsrc%5Etfw">June 17, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="broader-lawsuit-not-covered">Broader Lawsuit Not Covered</h2>
<p>While the proposed agreement partially addresses the SEC&#8217;s concerns, it does not encompass the broader lawsuit. The SEC recently sued Binance and Binance.US for trading unregistered securities and alleged commingling of funds and poor practices.</p>
<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>The temporary agreement between Binance.US and the SEC ensures that only Binance.US employees can access customer funds. The agreement restricts access to private keys and requires the disclosure of business expenses. It is a response to the SEC&#8217;s motion to freeze Binance.US&#8217;s assets. The agreement includes additional provisions and allows U.S.-based customers to withdraw funds. However, it does not cover the broader lawsuit filed by the SEC against Binance and Binance.US.</p>

SEC and Binance.US Reached a Temporary Agreement

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