The court has granted BAM Trading Services Inc. and BAM Management US Holdings Inc.’s motion for relief from the consent order.
BAM Management US Holdings Inc. to engage third-party investment advisors, invest certain customer assets in United States Treasury Bills, and transfer crypto assets to a non-affiliated third-party custodian or custodian.
Additionally, the court authorized the investment of corporate assets with third-party investment advisors, the investment of certain customer funds in United States Treasury bills, and the custody and transfer of assets with a non-affiliated third-party custodian or custodian.
Court order Excluded Binance Assert Control Autonomy
According to the court order, No third parties, including Binance Entities, can participate in the investment process.
However, BAM must maintain sufficient USD reserves on their platform to fulfill all anticipated customer fiat withdrawal requests, calculated based on historical withdrawal data.
Furthermore, all customer assets, including the necessary private and administrative keys, must be maintained and directed solely by BAM Trading officers and employees located in the United States or by the Third-Party Custodian.
Binance Trolls Bitfinex it Loses 400,000 Customers Data
Bitfinex recently garnered attention when a ransomware group claimed to have stolen over 2.5TB of data from the exchange. The group stated that the stolen data included trading information and personal details of about 400,000 users.
Additionally, the hackers threatened to release all users’ KYC information unless the trading platform pays a ransom. This alarming situation has caused concern in the cryptocurrency community. FSociety made its claim on the dark web, specifically on its onion site, and also shared links to text files containing a list of usernames and plaintext passwords.
Amidst reports of the Bitfinex hack, the Binance social media team felt it appropriate to remind the crypto community that security is its top priority. In response, some crypto proponents called out an attempt to troll the exchange.
