Binance received a court approval that enables the exchange to invest customer funds in US Treasury bills
Crypto community shows enthusiasm towards the announcement of the court approval.
BNB is up 5% in the past 24 hours.
Binance received court approval on Friday, allowing it to invest certain customers' fiat funds in US Treasury bills. Following the announcement, the BNB token saw a 5% rise as crypto community members debated the potential impact of this approval on Ethena's USDe token.
BNB rises following court approval of Binance's investment proposal
Cryptocurrency exchange Binance received a court approval that permits the investment of customer fiat funds into US Treasury bills. The court filing by the District Court of Columbia revealed that the exchange can only invest certain customer holdings under BitGo custody.
The exchange must also ensure that the investments stem from corporate assets drawn from third-party investors or businesses. The company is also required to report its investment data monthly.
According to court documents revealing the approval, the authorized US Treasury Bills "will mature on a rolling four-week basis," without any third-party inclusion.
The announcement raised the hopes of several crypto community members, who believe this is a big win for Binance and the crypto industry. Others suggest that the move will have a bullish impact on the price of the BNB token.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.