The CEO of Binance, Changpeng “CZ” Zhao, expressed his joy and relief at the successful resolution of a longstanding dispute with the United States Securities and Exchange Commission (SEC). Constant SEC oversight had created a tense and uncertain period for the company, so the resolution is a welcome development.
As regulatory uncertainty begins to fade, Zhao can now focus on the future of Binance. In a tweet, the veteran crypto entrepreneur emphasized that the SEC’s emergency relief request was unnecessary, stating that the mutually agreed resolution would allow Binance to move forward unimpeded.
In a remarkable turn of events, Judge Amy Berman Jackson of the US District Court for the District of Columbia gave her approval to the “Proposed Stipulation and Consent Order” reached between Binance, Binance.US and the SEC on Saturday, June 18.
Although we maintain that the SEC’s request for emergency relief was entirely unwarranted, we are pleased that the disagreement over this request was resolved on mutually acceptable terms.
User funds have been and always will be safe and secure on all Binance-affiliated…
— CZ Binance (@cz_binance) June 17, 2023
Under the grant order, Binance is required to “repatriate” all fiat and cryptocurrency assets associated with Binance.US by the date specified in the court ruling. In addition, the agreement places restrictions on global Binance officials, prohibiting them from accessing the private keys of all wallets, including hot and cold wallets.
Despite the regulatory challenges and hurdles Binance has faced in recent times, Zhao emphasized the company’s unwavering dedication to ongoing operations. While expressing his satisfaction with the resolution of the issue with the SEC, the Binance CEO underscored the assurance that user funds have remained, and will continue to remain, secure across all Binance partner services.
During the period, Binance prioritized the security and protection of user funds, implementing strong security measures on all partner platforms. In addition, Binance has indicated that its BNB smart chain is currently exploring the possibility of developing and launching a blockchain scaling solution of layer 2.
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