SEC and Binance strike deal over customer assets in the United States

The U.S. Securities and Exchange Commission (SEC) has reached an agreement with the bitcoin exchange Binance to restrict access by employees of the parent platform to the assets of Binance.US customers, CoinDesk reports.

The deal awaits court approval.

As part of the agreement, Binance.US will share detailed information about its operating expenses in the coming weeks. Binance’s international staff will lose access to wallet private keys and other tools of the U.S. arm.

The deal followed a court order. On June 6 the SEC filed a motion to freeze Binance.US’ digital assets. On June 14 the court ordered the regulator and the U.S. crypto exchange to find a compromise to safeguard client assets while allowing the platform to continue operating.

During the hearings, a Binance.US representative noted that the company should be able to fund ordinary operating expenses, while asset freezes could be “misinterpreted by banks”.

The platform undertook not to transfer assets or make payments to any entity within the corporate structure without a court order.

Earlier, on June 5, the SEC filed suit against Binance and Zhao. The agency brought 13 charges, including the sale of unregistered securities.

In response, the company issued a statement saying it would vigorously defend itself.

Subsequently, Binance.US announced a halt to dollar deposits and urged clients to withdraw fiat funds by June 13.