Binance Enters Deal with the United States SEC

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In a recent announcement, Binance.US, the U.S. arm of cryptocurrency exchange Binance and the Securities and Exchange Commission (SEC) revealed an important development in their ongoing efforts to ensure robust security within the cryptocurrency exchange industry.

The announcement states that Binance.US will no longer grant access to private keys for its wide array of wallets, except to its US employees. This decision has significant implications for Binance Holdings and highlights the crucial role played by US employees in maintaining the integrity and safety of digital assets. 

Details of the Binance – SEC Agreement

As per the proposed deal which still needs approval from the judge, the US subsidiary of Binance will be required to create new crypto wallets that are not accessible to the other employees of the exchange.  It would also be required to agree to an expedited discovery schedule and provide additional information to the regulator.

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By limiting access to private keys, the exchange takes a proactive step in safeguarding users’ funds and reinforcing trust within the crypto community. This move is particularly essential in an industry where cyber threats and hacking attempts are prevalent.

Meanwhile, the impact of these on Binance Holdings cannot be understated. Previously, Binance allowed broader access to private keys, enabling various stakeholders to manage and control wallets associated with the exchange. 

Judge Declines SEC’s Request to Freeze Binance.US Assets

Meanwhile, in a recent hearing, U.S. District Judge Amy Berman Jackson made a significant decision by declining the SEC’s request to freeze the assets of Binance’s US arm. 

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While the decision is a victory for Binance in the short term, it doesn’t signify the end of the legal battle between the exchange and the SEC. Instead, it may open up the possibility for both parties to explore a potential settlement.

Ex-SEC Executive calls for settlement

Remarkably, John Reed Stark, former chief of the SEC Office of Internet Enforcement had suggested that the Binance-SEC agreement, if reached, could be presented as a “Consent Order” before the court. This simply means that the Consent Order would provide Binance and the SEC a framework to settle the disputes without further litigation.

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