On Friday, June 16, 2023, Binance, Binance US, and the United States Securities and Exchange Commission (SEC) mentioned that they will temporarily limit the access to the funds of the Binance US employee users, stated Cointelegraph.
According to reports, the proposal is yet to get approval from the overseeing federal judge, who has drawn some limitations for Binance US. Supposedly, this will prevent the Binance officials from using their private keys of wallets and hardware wallets or getting access to Binance.US’s Amazon Web Services tools. Also, the U.S.-based crypto trading platform will close every information related to the business expenses such as estimated costs, in the following weeks, Cointelegraph added.
Furthermore, the lawyers of Binance.US did not agree with the notion, as they believed that discontinuing access to all assets can be equal to maintaining a severe “death penalty” on the organization, Cointelegraph concluded.
(With insights from Cointelegraph)