Judge Signs Off on Binance, SEC Deal to Move All U.S. Customer Funds, Wallet Keys Back Onshore in Lieu of Restraining Order

A federal judge signed off on a temporary agreement between the U.S. Securities and Exchange Commission (SEC), global crypto exchange Binance and its U.S. affiliate to have Binance.US take steps to ensure only local employees can access customer funds as the regulator and companies work through an SEC lawsuit.

The parties announced a deal late Friday to ensure that only Binance.US employees can access customer funds in the short term, which Judge Amy Berman Jackson, of the District Court for the District of Columbia, signed early Saturday. The judge also ordered the parties to begin proposing timelines for the broader lawsuit.

According to the proposed agreement, Binance.US will take steps to make sure that no officials from Binance Holdings, the global exchange, have access to private keys for wallets or hardware wallets, or root access to Binance.US’s Amazon Web Services tools. The U.S.-based crypto trading platform will share detailed information about its business expenses, including estimated costs, in the coming weeks.