Inspenet, June 19, 2023.
Settlement between Binance.us and the Securities Exchange Commission (SEC).
It was approved by US Judge Amy Berman Jackson, dismissing a temporary restraining order that would have frozen all Binance.US assets, giving the platform a breather.
The agreement, reached after negotiations between the parties involved, establishes that only Binance.US employees will have access to client funds during the duration of the litigation. Importantly, customers based in the United States will be able to continue to withdraw their funds as normal during this period, giving them peace of mind in the midst of the situation.
In addition, the agreement prevents Binance.US global officials from accessing the private keys of the wallets, as well as Binance.US ‘s Amazon Web Services tools. This ensures greater security and protection of customer assets.
The fact that the court has denied the SEC’s request for a temporary restraining order is a great relief for Binance.US. The platform, which for a time froze its trading activities and movements, has vigorously defended itself, claiming that no evidence has been produced to support allegations of misuse of client assets. In fact, SEC lawyers admitted in court that they had no evidence to suggest such mismanagement.
The agreement also includes an interesting provision related to the repatriation of certain assets to the United States. Binance.US and its related entities must transfer and confirm that BAM Trading maintains possession, custody and control of the funds deposited by clients in the US territory.
This news is a win for Binance.US and has a positive impact on the energy sector . The resolution of the dispute provides stability and confidence to the users of the platform, as well as to investors and market players. With continued access to client funds and security measures in place, the energy industry can continue to reap the benefits of this leading platform.
This agreement is expected to be the turning point needed to strengthen transparency to future developments and we will keep you informed about the latest developments in this market.
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