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Home»ADOPTION NEWS»Binance.US Receives Judge’s Approval to Invest Customer Assets in U.S. Treasury Bonds
ADOPTION NEWS

Binance.US Receives Judge’s Approval to Invest Customer Assets in U.S. Treasury Bonds

By Crypto FlexsJuly 20, 20243 Mins Read
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Binance.US Receives Judge’s Approval to Invest Customer Assets in U.S. Treasury Bonds
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Exchange • July 19, 2024 12:34 PM EDT

Posted 1 minute earlier In ~

Updated: July 19, 2024 3:02 PM EDT

Binance.US has been given approval by a judge to invest certain customers’ assets in U.S. Treasury bonds as part of an order setting terms for the cryptocurrency exchange.

As part of the order signed by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia on Friday, Binance.US is required to work with third-party investment advisers to invest in the assets of BAM Trading Services Inc. and BAM Management US Holdings Inc. (collectively, BAM Assets), both of which are located in the United States.

Binance.US is also required to transfer cryptocurrencies to a third-party custodian that is not affiliated with the exchange. BAM may invest certain customer fiat currencies held by BitGo in U.S. Treasury bonds that “maturate every four weeks,” with no Binance entity involved in the investment, and BAM holding sufficient dollars on the platform to meet customer withdrawal requests, among other requirements. Bespeak.

Binance.US did not immediately respond to a request for comment.

Judge Jackson is overseeing the lawsuit brought by the U.S. Securities and Exchange Commission against Binance. THe is SEC I sued Binance and its former CEO Changpeng Zhao last year accused the cryptocurrency exchange of lying to customers, failing to restrict U.S. investors from accessing Binance.com, misdirecting capital to a segregated investment fund owned by Zhao, and operating as an unregistered exchange. Zhao is currently serving a prison sentence on charges brought by the Justice Department.

Last month, Jackson was mostly Rejected Binance has sought to dismiss the SEC’s lawsuit, but has rejected some of the SEC’s claims, including that the secondary sale of BNB constitutes a security.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Sarah is a reporter covering policy, regulation, and legal issues for The Block. Previously, Sarah was a securities regulation reporter at CQ Legal, where she first began reporting on cryptocurrencies. Sarah has also written for other financial publications, including The Bond Buyer and American Banker. She graduated from the University of Missouri with a degree in print and digital journalism. Sarah lives in Washington, D.C., and is an avid coffee drinker. You can follow her on Twitter @ForTheWynn.

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