Breaking: Binance, Binance.US Reaches Deal With The US SEC
The world’s largest crypto exchange Binance and its subsidiary Binance.US have reached a proposed agreement with the US Securities and Exchange Commission (SEC), pending approval from a federal judge.
As part of the proposed agreement, only Binance.US employees could access customer funds on the US-based crypto exchange. Binance Global officials will be restricted from having access to private keys of all wallets including cold and hot wallets, any other hardware wallets, as well as Binance.US’s internal systems and controls.
Binance and US SEC Agree to Proposed Deal
According to a notice of proposed stipulation and consent order submitted to the US District Court for the District of Columbia on June 16, the plaintiff US SEC and defendants Binance Holdings and Binance.US have reached an agreement.
As per the agreement, no Binance Holdings officials will have access to Binance.US’s wallets including hardware wallets and systems such as Amazon Web Services tools. Moreover, Binance.US will share a detailed financial statement including business expenses and estimated costs with the US SEC in the next few weeks.
The move comes after Judge Amy Berman Jackson asked the US SEC and Binance.US to reach an agreement than to have her approve a restraining order to freeze assets of Binance’s US-based arm. The exchange said asset freeze will potentially end its business in the US and the restraining order is “unnecessary.”
Read More About SEC v. Binance Lawsuit
Surprisingly, the US Securities and Exchange Commission (SEC) made the first move in accordance with the court order on June 13, reducing its concerns related to Binance’s control over its U.S.-based subsidiary. The proposed stipulation and consent order was agreed upon by both parties, pending approval from the federal judge.
The crypto market recovers, with Bitcoin and Ethereum prices soaring 5% each to $26700 and $1755, respectively. BlackRock iShares spot Bitcoin ETF-fueled positive sentiments among traders, bringing broader recovery in the crypto market.
Also Read: US House Chair Supports BlackRock Bitcoin ETF, Schedules SEC Oversight Hearings
- $1.7 Trillion T. Rowe Price Files for First U.S. Spot Shiba Inu ETF, Boosting SHIB’s Adoption
- XRP News: Key Ripple Whale Indicator Turns Bullish After 4 Months, Price Rally Ahead?
- Pi Network Dedicates 350,000 Active Nodes for AI With OpenMind Partnership
- Breaking: Trump Cuts Tariffs as US-China Reaches 1-Year Trade Deal, Bitcoin Rebounds
- Binance Responds to Charges of Supporting Trump-Family Crypto USD1 and WLFI Soon After CZ Pardon
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
MEXC