- The court overturned a previous restraining order that had frozen all Binance.US assets.
- Now only Binance.US employees will have access to customer assets
On the evening of June 17, a US federal judge, Amy Berman Jackson, approved an agreement between Binance.US and the Securities and Exchange Commission, which stipulated that none of the global exchange’s officials have access to the private keys for the various wallets. The court also overturned a previous restraining order (TRO) that had frozen all assets of the U.S. exchange.
Few days ago, Jackson wished that the parties had reached an agreement independently, without her involvement. They were able to do so on June 16 and a day later confirmed the decision.
In a post on Twitter, Binance.US wrote:
“We are pleased to inform you that the court has not granted the SEC request for a temporary restraining order and asset freeze on our platform.. The request was clearly without merit, both on the facts and as a matter of law.”
The agreement that the federal judge approved provides that only Binance.US employees will have access to customer funds until the end of the lawsuit. Users from the United States will be able to withdraw funds throughout this time.
Also, the agreement between the exchange and the U.S. regulator includes prohibiting Binance employees from accessing private wallet keys, hardware wallets, or root access to Amazon Web Services Binance.US tools.
The statement writes that Binance.US must take immediate steps to ensure documented written records of accounts linked to BAM entities that are worth more than $1,000.