The proposed agreement between Binance, Binance.US and the US SEC to limit access between corporations was signed by Judge Amy Berman Jackson.
This agreement aims to limit access between the companies. The agreement specifies that only Binance.US staff will have access to customer assets on the US-based cryptocurrency exchange.
Binance Global will deny executives access to components, such as private keys, wallets, hardware, software, and internal systems within 14 days.
The order further states that Binance must repatriate all its associated fiat money and cryptocurrency from the exchange in U.S. The court must issue the order for this to be done by its issuance date or earlier.
The order also prohibits Binance.US from giving possession, custody, or control of customer assets to any individual or organization. This includes Binance and its CEO, Changpeng “CZ” Zhao. Binance.US will generate a new crypto wallet with new keys and operate under different management and budgets.
In certain situations, the exchange in the united states may transfer crypto custody of the staking-as-a-service program to custodians BitGO or Aegis. Additionally, Binance.US will submit a comprehensive financial statement to the US SEC. This statement will include company expenses and projected costs from December 1, 2022, to the accounting date.
If the parties fail to reach an agreement on a combined proposal, they must submit a joint status report by June 23, detailing their ideas.
