Binance and its North American subsidiary, Binance.US, have reached a historic settlement with the US Securities and Exchange Commission (SEC). The agreement, which still needs to be approved by a federal judge, provides for a series of measures to increase the transparency and security of Binance.US.

One of the most important provisions of the agreement is that only Binance.US employees will have access to customer funds. This means that Binance Global, Binance's parent company, will no longer be able to access the US subsidiary's customer funds.

Other enhanced security measures include prohibiting Binance Global employees from accessing private keys associated with Binance.US wallets. Additionally, access to Binance.US systems and internal controls will be limited exclusively to employees residing in the United States.

The deal is a significant milestone for Binance and the cryptocurrency industry as a whole. If approved, it will pave the way for greater regulatory compliance in the industry and greater investor protection.

Implications for the cryptocurrency market

The agreement has already had a positive impact on the cryptocurrency market. Bitcoin and Ethereum, the two main cryptocurrencies, have experienced a notable increase in their prices, with each rising by 5%.

Traders and investors responded positively to the news, bolstered by the BlackRock iShares spot Bitcoin ETF, which further fueled optimism in the crypto market.

If the deal is approved, it is likely to continue to boost the cryptocurrency market, leading to greater investor confidence and the entry of new players into the industry.

What to expect

All eyes are on the federal judge who will analyze the agreement. If he approves it, it will be an important milestone for Binance and the cryptocurrency industry as a whole.