CEO of Binance Changpeng “CZ” Zhao expressed his happiness and relief when a long-running dispute with the United States Securities and Exchange Commission (SEC) was successfully resolved. The ongoing scrutiny by the SEC has created a tense and uncertain period for the company, so the resolution was a welcome development.
As regulatory uncertainty begins to fade, CZ can now focus on the future of Binance. In a tweet, the veteran crypto entrepreneur he emphasized that the SEC’s request for emergency relief was unnecessary, confirming that a mutually agreed resolution will allow Binance to proceed unimpeded.
In a remarkable turn of events, Judge Amy Berman Jackson of the US District Court for the District of Columbia approved the “proposed clarification and consent order” entered into between Binance, Binance.US and the SEC on Saturday, June 18. .
While we maintain that the SEC’s request for emergency relief was completely without merit, we are pleased that the disagreement over this request has been resolved on mutually acceptable terms.
User funds have been and will always be safe on all Binance affiliates…
— CZ Binance (@cz_binance) June 17, 2023
As according to the consent order, Binance is required to “repatriate” all fiat currency and cryptocurrency assets associated with Binance.US by the date specified in the court ruling. Additionally, the agreement imposes restrictions on global Binance officials, prohibiting them from accessing the private keys of all wallets, including cold and hot wallets.
Despite the challenges and regulatory hurdles Binance has faced recently, CZ emphasized the company’s unwavering commitment to ongoing operations. While expressing content regarding the SEC’s resolution of the issue, Binance’s CEO emphasized the assurance that users’ funds have remained and will continue to remain safe across all Binance-related services.
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During the Binance period prioritized safety and security user resources, implementing strict security measures on all associated platforms. In addition, Binance stated that its BNB smart chain is currently exploring the possibility of developing and launching a layer-2 Blockchain Scaling Solutions.
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