Last Updated on June 17, 2023 by COINBUZZFEED
Binance, the global cryptocurrency exchange, and its U.S. counterpart, BinanceUS, have announced an agreement with the U.S. Securities and Exchange Commission (SEC) to strengthen the protection of customer funds. The deal aims to address concerns raised by the SEC regarding the security of funds held by BinanceUS.
The proposed agreement includes several provisions designed to bolster the security and integrity of customer funds. One of the key measures is the establishment of enhanced controls to restrict access to customer funds, ensuring that only BinanceUS employees have the ability to handle and manage these assets. By implementing this control, BinanceUS aims to enhance customer trust and minimize the risk of unauthorized access to funds.
Moreover, as part of the agreement, BinanceUS will create new cryptocurrency wallets that are inaccessible to Binance’s global exchange employees. This measure aims to further isolate BinanceUS operations and reinforce the autonomy of the U.S. entity.
