Court approved! Binance US can invest some of its customers’ fiat assets in U.S. Treasury securities

This site (120Btc.coM): The US court approved Binance US (Binance.US) to invest some of its customers’ fiat currency assets in US Treasury bills. Additionally, Binance.US must transfer cryptocurrencies to a third-party custodian that is not affiliated with the exchange.

You can invest part of the customer’s legal currency in U.S. Treasury securities

The U.S. court approved Binance’s plea agreement in February, and Binance paid a sky-high fine of US$4.3 billion in settlement. As part of the deal, the company's compliance must be monitored by an independent firm for five years. Important matters of company operations also need to be approved by the judge.

According to the order signed by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia on Friday, BAM Trading Services Inc. and BAM Management US Holdings Inc., two entities located in the United States and belonging to Binance.US, can invest with third parties The consultant cooperates to invest part of the customer's legal currency assets hosted on BitGo in U.S. Treasury bills with a maturity date of less than four weeks, and must be able to leave enough U.S. dollars on the platform to meet the customer's withdrawal needs at any time.

Cryptocurrencies need to be transferred to a third-party custodian that is not affiliated with Binance

Binance.US must also transfer cryptocurrencies to a third-party custodian that is not affiliated with the exchange.

BAM is required to escrow assets to wallets provided by one or more third-party custodians located in the United States that are not affiliated with Binance, and transfer assets to the wallets provided by them, provided that:

• to third parties Control of client assets in wallets provided by the custodian, including the management and maintenance of new private keys and gold keys for those wallets, can only be left to BAM Trading directors and employees located in the United States or to third-party custodians located in the United States

• If BAM Trading holds new private keys and management keys for wallets provided by third-party custodians, these keys need to be kept and controlled in the United States by BAM Trading personnel located in the United States

• All transfers and withdrawals are Subject to approval from BAM Trading and, if necessary, third-party custodian

• Binance entities will not possess, have custody or control any assets in wallets provided by third-party custodians

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