Judge Amy Berman Jackson ordered Finance.US to invest customers’ assets in U.S. Treasury bills, which are considered safe investments because the U.S. Treasury Department backs them.
Binance.US also has to transfer crypto to a third-party custodian that is not affiliated with the exchange, according to the order.
Binance.US has received a judge’s sign-off to invest certain customers’ assets in U.S. Treasury bills as part of an order setting conditions for the crypto exchange.
As part of that order signed by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia on Friday, Binance.US has to work with third-party investment advisers to invest BAM Trading Services Inc. and BAM Management US Holdings Inc.’s — collectively, BAM’s assets. Both of those entities are in the U.S.
Binance.US also has to transfer crypto to a third-party custodian not affiliated with the exchange. BAM is allowed to invest certain customer fiat funds that are custodied at BitGo in U.S. Treasury bills that “will mature on a rolling four-week basis” as long as no Binance entities are involved in the investment and that BAM has enough dollars on its platform for customer withdrawal requests, among other requirements, according to the order.
Binance.US did not immediately respond to a request for comment.
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