Bitcoin

<a href="https://optimisus.com/news/crypto-news/binance-to-delist-several-spot-trading-pairs-on-july-5th-2024/" rel="noopener noreferrer nofollow">Binance.US</a> has received judicial clearance to allocate customer fiat cash for investment in US Treasury bills. The court ruling grants permission for the exchange to allocate about $40 million for investment purposes.This will be done by investing $10 million on a weekly basis over a period of four weeks using a TreasuryDirect account. The funds, presently located at BitGo, need to be transferred to an autonomous third-party custodian in the United States. The private and administrative keys for these wallets will be controlled exclusively by Binance.US personnel or a third-party custodian.The court stressed the importance of transparency in Binance.US’s investing activity, mandating comprehensive monthly disclosures on expenses associated with the upkeep of these Treasury investments.The exchange must also maintain enough reserves of USD to fulfill possible customer withdrawal requests, taking into account historical withdrawal patterns. In addition, Binance.US must do comprehensive due diligence to verify that the advisers overseeing its assets have no affiliation with Binance, avoiding conflicts of interest and ensuring the utmost integrity in customer money.The court’s clearance comes after a June ruling that invalidated a portion of the complaint filed by the US SEC against Binance and its founder, Changpeng Zhao. Additional charges, including those against the holding company of Binance.US, were permitted to move forward.The court’s ruling seeks to bolster the security of customer assets by imposing stringent requirements and engaging a third party to oversee investment management.

Binance.US wins court approval to invest $40 million of customer funds in US Treasury Bills under strict conditions

Optimisus

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