Binance.US Receives Court Approval to Invest Customer Assets in US Treasury Bills
Jul 19, 2024
On July 19, 2023, Binance.US received approval from the United States District Court for the District of Columbia to invest customer funds into US Treasury Bills. This decision allows Binance.US to invest approximately $40 million in increments of $10 million over four weeks through a TreasuryDirect trading account. The investments will be managed by a third-party investment manager to ensure compliance and prevent any involvement from Binance-related entities.The court order stipulates that Binance.US must maintain transparency in its investments, providing detailed monthly reports on associated costs and ensuring that sufficient funds are available to meet all potential customer withdrawal requests based on historical activity. This move not only aims to enhance the safety and returns of customer assets but also sets a precedent for other cryptocurrency exchanges to follow in maintaining regulatory compliance and transparency.
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