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<a href="https://bitcoinworld.co.in/binance-secures-court-approval-to-invest-us-customer-fiat-funds-in-us-t-bills-bnb-price-surges/" title="Binance Secures Court Approval To Invest US Customer Fiat Funds In US T-Bills, BNB Price Surges" rel="nofollow"></a>
Binance has received court approval allowing it to invest customer fiat funds into US Treasury Bills (T-Bills) after a year of heightened scrutiny of Binance’s operations in the United States. 
The decision has resulted in a notable price recovery for the exchange’s native token, Binance Coin (BNB), pushing it toward the $600 level.&nbsp; 
<h3 id="span-style-font-weight-400-court-grants-relief-to-binance-bam-subsidiary-span">Court Grants Relief To Binance BAM Subsidiary</h3> 
A court filing <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.251.0.pdf">reveals</a> that BAM Trading Services and BAM Management US Holdings, collectively known as BAM, filed a motion seeking relief from a consent order. The court, upon consideration of the motion, granted the requested relief.&nbsp; 
As a result, Binance’s US subsidiary, BAM, is now authorized to hire third-party investment advisors to manage corporate assets, paving the way for BAM to invest client fiat funds in US Treasury Bills. 
Under the court-approved arrangement, BAM can invest certain customer fiat funds, currently held at BitGo, in US Treasury bills on a rolling four-week basis. However, to ensure compliance, BAM is prohibited from involving any third parties, including Binance Entities, in these investments.&nbsp; 
Notably, BAM must maintain sufficient USD liquidity on its platform to honor customer fiat withdrawal requests during the investment period.&nbsp; 
Additionally, BAM is required to amend its terms of use and provide appropriate notice to customers, aligning with the authorized investment activities. 
<h3 id="span-style-font-weight-400-compliance-journey-continues-span">Compliance Journey Continues</h3> 
Interestingly, as part of the court’s decision, BAM is now permitted to custody assets with and transfer assets to wallets provided by non-affiliated third-party custodians located in the United States.&nbsp; 
To maintain control over customer assets, BAM Trading officers and employees based in the United States will solely direct and manage wallets’ private and administrative keys, as required by the court.&nbsp; 
All transfers and withdrawals will require approval from both BAM Trading and the respective third-party custodian. Importantly, the Binance Entities will not have possession, custody, or control over any assets held in wallets provided by the third-party custodians. 
The court approval comes after <a href="https://bitcoinworld.co.in/binance-launches-binance-account-bound-token-babt-that-can-be-used-across-platforms/">Binance</a>’s agreement in November to pay a settlement of $4.3 billion to the US government. This settlement included a forfeiture of $2.5 billion and a fine of $1.8 billion.&nbsp; 
As part of the agreement, the former CEO, Changpeng Zhao (CZ), faced charges of violating the Bank Secrecy Act and agreed to step down from his position. CZ is currently serving a four-month sentence.&nbsp; 
<h3 id="span-style-font-weight-400-bnb-price-breaks-above-200-day-ema-span">BNB Price Breaks Above 200-Day EMA</h3> 
Currently <a href="https://coinstats.app/coins/binance-coin/">trading</a> at $597, BNB’s price has risen over 5% on the news, after dropping as low as $455 on July 5. However, over the past two weeks, the token has seen significant gains in line with the overall market recovery.&nbsp; 
<figure id="attachment_77291" aria-describedby="caption-attachment-77291" style="width: 100%" class="wp-caption aligncenter">
 <img fetchpriority="high" decoding="async" class=" wp-image-77291" src="http://bitcoinworld.co.in/wp-content/uploads/BNB-Price-Chart-11-483x300.png" alt="" width="568" height="353" srcset="https://bitcoinworld.co.in/wp-content/uploads/BNB-Price-Chart-11-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BNB-Price-Chart-11.png 760w" sizes="(max-width: 568px) 100vw, 568px">
 <figcaption id="caption-attachment-77291" class="wp-caption-text">
 BNB Price Chart | Source: CoinStats
 </figcaption>
</figure> 
&nbsp; 
In the seven- and fourteen-day time frames, BNB is up 12% and 20% respectively, coupled with a 47% increase in trading volume over the past few days to $1 billion, according to CoinStats <a href="https://coinstats.app/coins/binance-coin/">data</a>. Despite this, the token is still down 17% from its all-time high of $717 set on June 6th.&nbsp; 
Adding to the bullish momentum, BNB has surpassed the 200-day exponential moving average (EMA), which is marked by the yellow line below the current price on the BNB/USD daily chart below.&nbsp; 
Whenever the token trades above this key indicator, further price appreciation follows as the line is a notable support for its price. Nonetheless, BNB will encounter resistance walls at the $610, $633, and $675 levels in the event of a continuation of the current price recovery.

Binance Secures Court Approval To Invest US Customer Fiat Funds In US T-Bills, BNB Price Surges

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