- Those are the terms of the agreement with the SEC
- This agreement awaits approval from a federal judge
The U.S. cryptocurrency exchange Binance has signed a preliminary agreement with the SEC. According to it, Binance.US must take measures concerning that any of the officials of the global exchange did not have access to the private keys for the various purses. We’re talking about hardware wallets or access to Amazon Web Services Binance.US.
In addition, in the coming weeks, the U.S. cryptocurrency trading platform will provide detailed information about its business expenses, including the approximate cost.
That action was taken in response to a ban on its assets due to possible securities law violations.. The SEC has expressed concern about the possible transfer of Binance.US funds to offshore jurisdictions and has filed a request for a temporary restraining order. Binance.US advocates noted that the asset freeze was too drastic a step, comparing it even to the “death penalty.”
U.S. District Court Judge Amy Berman Jackson recommended that the parties negotiate a deal instead of imposing a temporary ban. Her proposal was that Binance.US would commit to creating new wallets that would not be accessible to employees of the parent company. They must also provide additional information to the SEC and agree to an expedited disclosure schedule. During this period, U.S. customers will be allowed to withdraw funds as before.