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The recent discord between Binance, Binance.US, and the U.S. Securities and Exchange Commission (SEC) was put to rest on June 17. Judge Amy Berman Jackson of the U.S. district court gave her nod of approval to an understanding that the parties had arrived at themselves, freeing all Binance.US assets from the earlier proposed temporary restraining order (TRO).
Judge Jackson had expressed her preference for the parties to find their own resolution rather than imposing her judgment. The much-awaited accord was achieved just two days later, on June 16.
The agreement ensures that during the ongoing litigation, only employees of Binance.US will be allowed to handle client funds. Furthermore, the agreement upholds the right of U.S.-based customers to withdraw funds at any point during this time.
Under the terms of the agreement, any attempt by Binance global officials to access private keys of wallets, hardware wallets, or root access to Binance.US' Amazon Web Services tools is expressly forbidden.
John Reed Stark, former chief of the SEC's Office of Internet Enforcement, commented on the case and drew attention to the "particularly interesting provision" that involves the repatriation of certain assets to the United States.
The agreement also specifies that Binance.US must immediately ensure a "verified written accounting" of all accounts related to BAM entities valued above $1,000.
The legal turbulence began on June 6 when the SEC accused Binance CEO Changpeng Zhao of having access to Binance.US customer funds, alleging that Zhao shuffled around $12 billion of Binance's funds via a corporation he commanded named Merit Peak. Consequently, an emergency motion for a TRO on Binance.US was filed by the SEC.
However, Zhao and Binance.US presented a unified front ahead of the hearing on the TRO, providing a joint memorandum that refuted any mishandling of funds. They maintained that the SEC had not produced any evidence of misuse of Binance.US customers.
