SEC and Binance.US Reach Temporary Asset Access Agreement
Binance, Binance.US, and the United States Securities and Exchange Commission (SEC) have reportedly reached a temporary agreement to limit access to customer funds exclusively to Binance.US employees. The proposed measures include restricting Binance officials’ access to private keys and disclosing business expenses.
The agreement has emerged as a direct response to a motion filed by the SEC seeking to freeze the entirety of Binance.US’s assets during ongoing legal proceedings. If accepted, the proposed agreement will partially address the SEC’s concerns while the broader lawsuit progresses. However, it does not encompass the broader lawsuit.
Notably, U.S.-based customers will retain the ability to withdraw funds throughout this period. The proposed agreement also includes additional provisions, such as the creation of new crypto wallets by Binance.US that will be inaccessible to employees of other Binance entities.
During a hearing earlier in the week, U.S. district court judge Amy Berman Jackson advised the involved parties that it would be more advantageous to reach an agreement on a proposed stipulation rather than relying on the court to formulate a restraining order.
The SEC recently sued Binance and Binance.US for trading unregistered securities and alleged commingling of funds and poor practices. Binance is also under investigation in France since February 2022.