Binance.US Given Permission by Courts To Invest Customer Funds in US Treasuries
The American arm of crypto exchange Binance has just secured court approval to invest its customer assets in US Treasury bills (T-bills).
In an order dated July 19th, Judge Amy Berman Jackson for the District of Columbia greenlights Binance.US to invest “certain customer fiat funds” that are now in the custody of digital asset trust firm BitGo in T-bills with a rolling maturity period of four weeks.
However, Binance.US has to comply with certain conditions. Third parties are not allowed to be involved in the investment. The exchange is also required to maintain sufficient amounts of US dollars on its platform so it can honor the expected customer fiat withdrawal requests during the period that it will be investing customers’ assets.
The company has also received permission to invest its corporate assets with third-party investment advisors and businesses as long as the funds are not invested back into entities related to Binance.
Binance.US is also authorized to transfer crypto assets to wallets provided by non-affiliated third-party custodians based in the US. But all transfers and withdrawals require the approval of both the exchange and the custodian.
Binance entities cannot possess, custody or control the assets held in these wallets, according to the court order.
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The post Binance.US Given Permission by Courts To Invest Customer Funds in US Treasuries appeared first on The Daily Hodl.
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Author: Rhodilee Jean Dolor
