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Binance gains US court approval to invest customer funds in US treasury bills
Daily Cryptex - Crypto News, Articles and Insights > Exchange News > Binance News > Binance Approved to Invest Customer Funds in US Treasury Bills
Binance NewsCrypto NewsExchange News

Binance Approved to Invest Customer Funds in US Treasury Bills

Burhaan Al Amin
Last updated: July 19, 2024 4:49 pm
Burhaan Al Amin Published July 19, 2024
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Binance secures judicial approval to invest customer fiat funds in U.S. Treasury Bills. The decision came from Judge Amy Berman Jackson in the ongoing SEC v. Binance case.

The ruling specifies that Binance can invest "certain customer assets" in U.S. Treasury Bills. This flexibility aims to allow BAM Trading Services Inc. and BAM Management US Holdings Inc. (Binance) to manage their assets more freely.

Binance can use third-party investment advisors for corporate assets, provided they aren’t linked to Binance. Additionally, only specific funds currently in BitGo’s custody can be invested.

“BAM is authorized to invest certain customer fiat funds currently custodied at BitGo in United States Treasury bills that will mature on a rolling four-week basis,” the court ruling states.

The court case involves the U.S. Securities and Exchange Commission (SEC) accusing Binance.US of regulatory non-compliance. The charges include issues related to the initial coin offering and sales of the BNB token and the BNB Vault program.

Former Binance CEO Changpeng Zhao is also charged, with the SEC claiming he acted as a controlling person and the platform needed to register under the Exchange Act.

Treasury Bills

U.S. Treasury Bills are notable for their safety, supported by the full faith and credit of the U.S. government. They offer liquidity and predictable returns, making them ideal for preserving capital while earning modest interest. By diversifying into Treasury Bills, Binance aims to enhance both safety and returns for its users.

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