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Binance & Binance.US Reach A Deal With SEC To Secure Customer Funds

June 18, 2023
in Business
Binance & Binance.US Reach A Deal With SEC To Secure Customer Funds
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June 17, 2023 by Mishal Ali

Binance, Binance.US, and the Securities and Exchange Commission (SEC) have announced a proposed agreement that aims to address concerns raised by the SEC regarding customer funds and operational practices. 

If approved by the federal judge overseeing the case, this deal could have significant implications for the future of Binance.US and its relationship with its parent company, Binance Holdings.

Separation of Binance.US & Binance Holdings

The proposed agreement centers around ensuring that only Binance.US employees have access to customer funds in the short term. 

To achieve this, the exchange US subsidiary will take concrete steps to prevent officials from Binance Holdings, the global exchange, from accessing private keys, hardware wallets, or root access to Binance.US’s Amazon Web Services tools. 

This move aims to establish a clear separation between Binance.US and its parent company, alleviating concerns over the potential mishandling of customer funds.

To further reinforce this separation, Binance.US has also agreed to create new crypto wallets that will be off-limits to global employees of Binance. This measure is aimed at safeguarding customer funds and preventing any unauthorized access or mismanagement. 

Additionally, Binance.US will provide the SEC with detailed information about its business expenses, including estimated costs, in the coming weeks, ensuring transparency and regulatory compliance.

This proposed deal comes in response to an SEC motion seeking to freeze all of Binance.US’s assets while pursuing the exchange on securities-related charges. 

The SEC expressed concerns that funds could be moved offshore or crucial records destroyed if a temporary restraining order (TRO) was not granted. 

Binance.US’s legal team opposed the freezing of all assets, arguing that it would be an excessively harsh measure akin to a “death penalty” for the exchange.

During a recent hearing, Judge Amy Berman Jackson of the District Court for the District of Columbia urged both parties to reach an agreement rather than resorting to a restraining order imposed by the court. 

She highlighted the extensive exhibits filed by both sides, amounting to over 4,000 pages, and emphasized the need for adequate time to prepare. Consequently, the proposed stipulation agreement was put forward as an alternative.

In addition to the custodial measures, the proposed agreement includes provisions such as providing additional information to the SEC and agreeing to an expedited discovery schedule. 

Notably, customers based in the United States will still be able to withdraw their funds during this time, ensuring minimal disruption to their activities.

It remains to be seen how the federal judge overseeing the case will respond to this proposed agreement. If accepted, it could serve as a turning point in the relationship between Binance.US and its global parent company, with potential long-term implications for the operations and regulatory compliance of both entities. 

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