Details about the agreement reached by the American Securities and Exchange Commission SEC with the Binance exchange have come to light. According to the news published by CoinDesk in the past minutes, the SEC has made a request that only Binance.US employees have access to customer funds.
This request from the SEC means that for the leading cryptocurrency exchange, none of the global exchange employees will have access to customer information transacting in the US. This indicates that customer assets will also be stored separately from global customers.
According to the news, the agreement between the SEC and Binance was not limited to customer information. The American subsidiary of the world’s largest crypto trading platform will share items such as operating expenses and estimated costs with the authorities in the coming period.
Why Did The SEC Sue The Binance Exchange?
The Securities and Exchange Commission SEC filed a new lawsuit against the Binance.US exchange on June 7, 2023. Citing that the crypto platform did not comply with the law, the SEC demanded that the company’s assets in the country be frozen. Columbia District Court Judge Amy Berman Jackson, who dealt with the case, asked the two sides to compromise.
The Case Will Continue!
The settlement between the SEC and Binance.US does not cover the entire case. The US government agency will follow the continuation of its lawsuit for violation of the law. The agreement between Binance and the SEC only covers the request for additional measures.
BNB Price
BNB, the native token of the giant crypto platform, continues to recover after the news of the deal.
While panic prevailed in the market, BNB, which fell as low as $220, is now finding buyers at $248.
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