Binance.US Gets Green Light for US Treasury Bill Investments
Binance.US has been granted permission by the court to invest customer fiat funds in US Treasury Bills, with strict oversight to ensure transparency and proper fund management.
On July 19, Judge Amy Berman Jackson authorized Binance.US to invest approximately $40 million of customer funds in US Treasury Bills. These investments will be made in $10 million increments over four weeks through a TreasuryDirect trading account.
The court order requires that no third parties, including any Binance-related entities, be involved in these investments. Binance.US must also move its custodial assets to an independent third-party custodian in the US, with control over the private and administrative keys restricted to Binance.US employees or the custodian.
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Binance.US must maintain enough USD on its platform to handle all potential customer withdrawal requests, based on historical data. Additionally, the company is required to provide monthly reports detailing any costs associated with maintaining the Treasury investments.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
