The U.S. Securities and Exchange Commission (SEC) has attracted widespread attention after announcing a major deal aimed at ensuring that Binance only provides short-term customer funds to U.S. employees. Under the proposed agreement, the plan still needs to be overseen by a federal judge and signed off by Binance. To ensure that Binance Holdings officials were unable to obtain private keys to various wallets, hardware wallets, or root access to Binance, the United States took a series of measures, including leveraging Amazon Web Services tools. Meanwhile, the U.S.-based crypto trading platform will reveal details of its business expenses in the coming weeks, including estimated costs.

The proposal comes in response to the SEC’s action to freeze the assets of the Department of Coin Security. The SEC is concerned that if a temporary restraining order is not obtained, funds may be transferred overseas or records may be destroyed, posing a potential threat to Binance. Binance’s U.S. lawyer countered that freezing all assets would be equivalent to a “death penalty” for the exchange.

D.C. District Court Judge Amy Berman Jackson told both parties it would be wiser for them to reach an agreement on the proposed terms rather than asking her to draft a restraining order, noting that a temporary restraining order would take two weeks. Conduct a more in-depth hearing. Given that both sides had submitted more than 4,000 pages of evidence, she believed two weeks of preparation time was insufficient.

In addition to those mentioned above, other provisions are included in the draft agreement, such as the creation of new crypto wallets to prevent access by Binance’s global exchange employees, agreeing to provide additional information to the SEC, and expediting discovery timelines. It is worth noting that US customers can still withdraw funds during this period.

If this proposed agreement is accepted, it would hopefully address some of the concerns raised by the SEC against Binance. Currently, the SEC is filing a broader lawsuit against Binance through the judicial system, accusing the exchange of being unregistered to offer and trade securities and allegedly engaging in large-scale mixing of funds and misconduct. However, the proposed agreement does not address broader litigation issues in detail.