Binance.US and SEC Strike Surprising Deal

Binance US, a part of the cryptocurrency exchange Binance, and the Securities and Exchange Commission (SEC) have suggested a new plan. This plan would limit access to money from customers using Binance. Right now, this plan is waiting for approval from a judge.

According to the plan, Binance US will stop officials from Binance Holdings from getting access to secret keys linked to customer wallets and Binance US's internet systems. More information about how much this will cost will be available in the next few weeks.

The plan was made in response to a lawsuit from the SEC against the exchange. The SEC said that the exchange broke the law and wanted to freeze all assets. They were worried that money from Binance US could be moved to other countries. Lawyers for Binance US said that freezing all assets would be too harsh, like a "death penalty."

U.S. District Judge Amy Berman Jackson suggested that both parties come to an agreement instead of immediately freezing assets. This suggestion was made because the case is complex and there's a two-week limit for more court hearings.

As part of the proposed agreement, Binance US must make new wallets that Binance's employees worldwide can't access. They also have to give more information to the SEC and agree to a quicker discovery schedule. During this time, customers in the U.S. will still be able to take out their money.