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Jun 23, 2023 17:28
Binance will lose access to the wallets and other tools of its U.S. unit.
The Securities and Exchange Commission (SEC) has reached an agreement with bitcoin exchange Binance to restrict employees of the parent platform from accessing the assets of Binance's U.S. client segment.
The deal was concluded following a court order. Earlier, on June 6, the SEC filed a request for a full freeze of Binance.US digital assets. The court rejected the regulator's initiative and ordered it to find a compromise with the crypto-exchange to ensure the protection of customer assets with the ability to continue operating the platform.
As part of the agreement, Binance US will share details of its business expenses in the coming weeks. International Binance employees will lose access to the closed keys wallets and other tools of the U.S. division for the duration of the proceedings.
During the hearing, a Binance spokesman said that the company should be able to fund normal expenses, while freezing assets could be "misinterpreted by banks." The platform also pledged not to transfer assets or make payments to any entity within the corporation without court approval.
Recall that after the claims from the financial regulator, Binance.US announced the suspension of deposits in dollars and recommended customers to withdraw their fiat funds until June 13.
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