News

Breaking: US District Court Approves Binance And US SEC Proposed Deal

Judge Amy Berman Jackson signed Binance and Binance.US proposed agreement with the US SEC to restrict access between companies.
Published by
Breaking: US District Court Approves Binance And US SEC Proposed Deal

The US District Court for the District of Columbia Judge Amy Berman Jackson has approved the “Proposed Stipulation and Consent Order” agreed upon by defendants Binance and BAM Trading (Binance.US) and plaintiff US Securities and Exchange Commission (SEC) on June 17.

As CoinGape Media reported, the proposed agreement only allows Binance.US employees to 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, hardware and software, as well as Binance.US’s internal systems and controls within 14 days.

Also Read: XRP Lawyer And Coinbase CLO Grewal Urge Court To Order US SEC Respond To Petition

Advertisement

Federal Judge Signed Binance, Binance.US, and US SEC Proposed Deal

According to the consent order signed by Judge Amy Berman Jackson, Binance must “repatriate” all fiat currency and crypto assets related to Binance.US on or before the date the court issues this order.

“Stipulating Defendants shall repatriate to the United States, transfer to BAM Trading, and confirm that BAM Trading maintains possession, custody and control in the United States of all fiat currency and crypto assets that are deposited, held, traded, or accrued by customers, including affiliated and non-affiliated liquidity providers (hereinafter referred to as “Customers”) on the crypto trading platform Binance.US.”

Binance.US must not provide possession, custody, or control over customer assets to any individual or entity, including Binance and CEO Changpeng “CZ” Zhao. Binance.US is ordered to create new crypto wallets with new private and administrative keys. Binance and Binance.US businesses will have different wallets and management.

In addition, Binance.US may transfer crypto custody of the staking-as-a-service program to custodians BitGO or Aegis under several conditions.

Moreover, Binance.US will share a detailed financial statement including business expenses and estimated costs from December 1, 2022 to the date of the accounting, with the US SEC in the next few weeks.

The federal judge ordered the parties to file a joint status report on June 23 proposing a schedule for further proceedings or setting forth the parties’ individual proposals if they cannot agree on a joint proposal

Also Read: Terra’s Do Kwon Comments On Fake Docs, South Korea Extradition, Political Ties In Montenegro

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

Can Hype Price Hit $50 After Robinhood Listing?

HYPE, the native token of the decentralized exchange Hyperliquid, has witnessed a notable price surge…

October 24, 2025
  • News

XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal

In the latest XRP news, Ripple has introduced 'Ripple Prime,' which it plans to integrate…

October 24, 2025
  • News

Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data

Traders are betting on the FOMC to make two more rate cuts this year following…

October 24, 2025
  • News

Crypto.com Joins Ripple in Banking License Bid Amid Industry Push for Market Structure Bill

Crypto.com has submitted an application with the U.S. National Trust Bank Charter. It aims to…

October 24, 2025
  • Bitcoin News

Breaking: U.S. CPI Comes In Lower Than Expectations, Bitcoin Rises

The U.S. CPI inflation data came in below expectations, increasing the odds of two more…

October 24, 2025
  • Uncategorized

Bitcoin Crash Incoming? Tom Lee Backs Peter Brandt’s 50% Decline Prediction Despite Strong ETF Inflows

BitMine’s Tom Lee and veteran trader Peter Brandt have both warned of a potential 50%…

October 24, 2025