A US court has approved an agreement between the Securities and Exchange Commission (SEC) and Binance.US, a cryptocurrency exchange. The agreement, which was reached in June 2023, requires Binance.US to take several steps to protect customer assets and to comply with US securities laws.
The agreement includes the following provisions:
- Binance.US must create new crypto wallets that employees of the global exchange do not have access to. This will ensure that only Binance.US employees have access to customer funds, and that Binance Global employees cannot access or control these funds.
- Binance.US must provide additional information to the SEC, including information about its business expenses and estimated costs. This will help the SEC to better understand Binance’s operations and to assess whether Binance is complying with US securities laws.
- Binance.US must agree to an expedited discovery schedule, which means that the SEC will be able to gather information from Binance more quickly. This will allow the SEC to investigate Binance’s activities more thoroughly and to build a stronger case against the exchange, if necessary.
The agreement is a significant development in the ongoing legal battle between Binance and the SEC. The SEC filed a lawsuit against Binance in July 2022, alleging that Binance had engaged in illegal activities, including operating an unregistered securities exchange. Binance has denied the allegations.
The agreement is a win for both Binance and the SEC. It allows Binance to continue operating in the US, which is a major market for the exchange. It also allows the SEC to gather more information about Binance, which could help it to build a stronger case against the exchange.
The agreement is subject to a number of conditions, including the approval of a federal judge. If the judge approves the agreement, it will be a major step forward in the resolution of the legal battle between Binance and the SEC.
What does this mean for Binance users?
The agreement is good news for Binance users in the US. It means that their assets are safe and that Binance will continue to operate in the US.
However, it is important to note that the agreement is not yet final. It is still subject to approval from a federal judge. If the judge does not approve the agreement, it could have a negative impact on Binance users in the US.
What does this mean for the crypto industry?
The agreement is a positive development for the crypto industry. It shows that the SEC is willing to work with crypto companies to find solutions that protect investors and promote innovation.
The deal could also help to legitimize the crypto industry in the eyes of regulators and investors. This could lead to increased adoption of cryptocurrencies and blockchain technology.
What’s next?
The agreement is now subject to approval from a federal judge. If the judge approves the deal, it will be a major step forward in the resolution of the legal battle between Binance and the SEC.
If the judge does not approve the deal, it could have a negative impact on Binance users in the US. It could also lead to further legal action between Binance and the SEC.
Conclusion
The agreement between Binance and the SEC is a positive development for both the crypto industry and Binance users in the US. It is important to note that the deal is not yet final, and that it is subject to approval from a federal judge. If the judge approves the deal, it will be a major step forward in the resolution of the legal battle between Binance and the SEC.
In addition to the agreement with the SEC, Binance.US has also taken a number of steps to improve its compliance with US securities laws. These steps include:
- Hiring a new chief compliance officer.
- Implementing a new risk management framework.
- Investing in new technology to improve its ability to track and monitor customer activity.
These steps show that Binance.US is committed to complying with US securities laws and to protecting customer assets.
Disclaimer: Information on Bitcoinfad is for general knowledge only. Cryptocurrency investment involve risks. Seek professional advice before making financial decisions. Bitcoinfad will not be liable for any losses.
