According to breaking information, Binance has received court approval to invest customer fiat funds in US Treasury Bills.
In a significant development, Binance, the world's largest cryptocurrency exchange, has received court approval to invest customer funds in US Treasury Securities. SEC v. The order, approved by the Judge overseeing the Binance case, stipulates that investments can only be made in “certain” funds, specifically those currently stored on BitGo.
This news comes on the heels of the Securities and Exchange Commission (SEC) ending its investigation into Paxos Trust regarding Binance USD (BUSD), a digital asset issued and listed by Paxos. The cryptocurrency platform announced this development last week.
Paxos received an official termination notice from the SEC on Tuesday, stating that they would not recommend taking action against the firm regarding BUSD.
In early February 2023, SEC enforcement staff issued a Wells notice to Paxos, as reported by The Wall Street Journal. The notice stated that the securities regulator plans to sue the company for violating investor protection laws, claiming that BUSD is an unregistered security.
*This is not investment advice.