Binance and SEC limit customer fund access to US employees only.

Binance and U.S. Securities Regulator Reach Agreement to Protect Customer Funds

According to court documents, Binance, Binance.US, and the U.S. securities regulator have entered into an agreement to ensure the security of customer funds. The agreement, pending approval from the federal judge overseeing the case, requires Binance.US to take steps to restrict access to private keys and tools, ensuring that only Binance.US employees can access customer funds in the short term.

The proposed agreement comes after the SEC sued Binance, its CEO and founder Changpeng Zhao, and Binance.US’s operator last week, marking a significant crackdown on the industry by U.S. regulators. The SEC also filed a lawsuit against major U.S. exchange Coinbase.

Binance.US and the SEC have not yet responded to Reuters’ request for comment.

In response to the SEC’s request to freeze its assets, Binance.US, the U.S. affiliate of Binance, suspended dollar deposits and set a deadline of June 13 for customers to withdraw their funds.

Additional provisions in the proposed agreement include the creation of new crypto wallets that are inaccessible to Binance’s global exchange employees, providing further information to the SEC, and agreeing to an expedited discovery schedule.

(Reporting by Baranjot Kaur in Bengaluru; Editing by Stephen Coates and Louise Heavens)

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