Judge Amy Berman Jackson of the US District Court approved the settlement.
Binance.US will submit a comprehensive financial statement to the US SEC in few weeks.
On June 17, Binance and BAM Trading (Binance.US) reached a settlement with the US Securities and Exchange Commission (SEC), with the “Proposed Stipulation and Consent Order” being authorized by Judge Amy Berman Jackson of the US District Court for the District of Columbia.
According to previous reports, the planned agreement only allows access to client assets on the US-based crypto exchange to the staff of Binance.US. Moreover, Binance global authorities within 14 days will be denied access to the private keys of any Binance.US wallet. Whether it be a cold wallet, a hot wallet, a hardware wallet, or a software wallet.
Strictly No Access
Binance must “repatriate” any fiat cash and crypto assets associated with Binance U.S. This is according to the consent decree granted by Judge Amy Berman Jackson on or before the day on which this order is issued by the court.
Moreover, Binance and its CEO, Changpeng Zhao, are not allowed to have access to, or control over, client assets in Binance U.S.
Binance US has been forced to generate fresh crypto wallets. Complete with brand-new private and administrative keys, as both need to have different wallets and management teams. In addition, there are a number of scenarios in which Binance.US might hand over crypto custody for the staking-as-a-service program to third-party custodians BitGO or Aegis.
Additionally, during the following few weeks. Binance.US will submit a comprehensive financial statement to the US SEC. That will include company expenditures and expected costs from December 1, 2022 to the date of the accounting.
On June 23, the federal court ordered the parties to provide a status report. Suggesting a timetable for future proceedings or laying out the parties’ individual offers. If they were unable to reach an agreement.