Binance.US will manage the corporate assets through a third party that is not affiliated with Binance. The advisors should have understood the consent order and
Binance’s U.S. exchange has obtained court approval to place customer funds in U.S. Treasury bills, a move aimed at increasing the safety and stability of the assets.
The approval comes as part of a broader legal battle between Binance and the Securities and Exchange Commission (SEC). The SEC has accused Binance of misleading customers and operating without registration.
As per the court’s conditions, Binance must engage third-party professionals who have not invested in related companies and will submit its investment expenses in monthly reports.
Moreover, the exchange will invest customers’ fiat funds, held by BitGo, in Treasury bills every four weeks to the amount necessary to meet customers’ withdrawal demands.
Crucially, Binance will adjust its terms of service and notify customers about the new investment plan.
The court’s approval also extends to transferring assets to wallets controlled by third parties that are not affiliated with the applicant.
These wallets and their keys will not be accessible to any Binance entities. Any transfers and withdrawals will require authorization from BAM and the custodians.
Furthermore, BAM will maintain sufficient cash to meet customers’ withdrawal requests, but this does not limit investment.
This strategy aims to ensure that customers’ funds remain easily accessible while allowing the firm to grow its investment portfolio.
Through these measures, Binance is legally permitted to carry out its investment plan under a controlled environment.
The court’s conditions are designed to safeguard customer funds while permitting investment in Treasury bills, subject to adherence to the specified conditions.
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