source: unsplash
Binance.US and the U.S. Securities and Exchange Commission (SEC) have reached an agreement to safeguard customer funds. The agreement, which is pending approval from a federal judge, outlines steps that Binance.US will take to ensure that only its employees have access to customer funds. This includes measures to prevent Binance Holdings officials from having access to the platform’s wallets, hardware wallets, or root access to Binance.US Amazon Web Services tools.
The agreement is a significant development in the ongoing legal battle between Binance and the SEC. The SEC has been investigating Binance for possible violations of securities laws, and the company has been under pressure to improve its security measures. The agreement shows that Binance is taking steps to address the SEC’s concerns, and it could help to protect customer funds in the future.
The agreement is also good news for U.S.-based customers of Binance. The US. The company had been facing uncertainty about its future in the U.S., but the agreement gives customers some assurance that their funds are safe.
The agreement is a positive step, but it is not the end of the story. The SEC could still take further action against Binance, and the company will need to continue to improve its security measures. However, the agreement is a sign that Binance is committed to working with the SEC and protecting its customers.
Read More: Binance Transactions Through Silvergate & Signature Bank Top $70 Billion
Here are some of the key points of the agreement:
Binance.US will implement a new custody system that will give only its employees access to customer funds.
Binance Holdings officials will not have access to the platform’s wallets, hardware wallets, or root access to Binance.US’s Amazon Web Services tools.
Binance.US will provide regular reports to the SEC on its security measures.
The agreement is a significant step forward in the ongoing legal battle between Binance and the SEC. It shows that Binance is taking steps to address the SEC’s concerns, and it could help to protect customer funds in the future.
