United

In a significant development for the cryptocurrency exchange, Binance US has obtained judicial approval to invest customer assets in US Treasury bills. Judge Amy Berman Jackson of the US District Court for the District of Columbia issued an order on Friday outlining specific conditions for this investment strategy.
The court order stipulates that Binance US must collaborate with independent third-party investment advisors to manage the assets of BAM Trading Services Inc. and BAM Management US Holdings Inc., collectively referred to as BAM. These entities, both based in the United States, will be subject to strict oversight in their investment activities.
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This ruling comes amidst ongoing legal challenges for Binance. The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its former CEO, Changpeng Zhao, in 2023. The SEC’s allegations include misleading customers, failing to restrict US investors from accessing Binance.com, misappropriating funds, and operating as an unregistered exchange.
Last month, Judge Jackson largely denied Binance’s motion to dismiss the SEC case, though she did reject some of the SEC’s claims, including the assertion that secondary sales of BNB tokens constituted securities.
The court’s decision to allow Binance US to invest in Treasury bills represents a cautious approach to balancing customer asset protection with the operational needs of the cryptocurrency exchange. As the legal proceedings continue, this development may have significant implications for how digital asset platforms manage customer funds in the United States.
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Binance US Secures Court Approval for Treasury Bill Investments

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Artikel lain yang dipublikasikan pada 22 Jul 2024

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