Binance CEO Changpeng “CZ” Zhao expressed his happiness and relief that the protracted dispute with the US Securities and Exchange Commission (SEC) has been successfully resolved. Constant scrutiny by the Securities and Exchange Commission (SEC) has created a tense and uncertain period for the company, making the decision a welcome development.
With regulatory uncertainty starting to fade, CZ can now focus on Binance’s future. In a tweet, the veteran crypto entrepreneur confirmed That the request for emergency relief from the SEC is unnecessary, stressing that the mutually agreed decision will enable Binance to proceed without hindrance.
In a noteworthy turn of events, Judge Amy Berman Jackson of the US District Court for the District of Columbia gave her approval to a “proposed conditional 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 not entirely justified, we are pleased that the dispute over that request was resolved on mutually acceptable terms.
User funds have been and will always be safe and secure on all Binance affiliates…
– CZ Binance (cz_binance) June 17, 2023
According to the approval order, Binance is obligated to “return” all fiat and crypto assets associated with Binance.US by the date specified in the court ruling. In addition, the agreement places restrictions on global Binance administrators, preventing them from accessing the private keys of all wallets, including cold and hot wallets.
Despite Binance’s recent regulatory challenges and hurdles, CZ emphasized the company’s unwavering dedication to ongoing operations. While expressing content regarding the resolution of the SEC issue, the Binance CEO emphasized that user funds have been and will remain safe and secure across all Binance-related services.
During this period, Binance prioritized the safety and security of users’ funds, and implemented robust security measures across all associated platforms. Moreover, Binance indicated that its BNB Smart Chain is currently exploring the possibility of developing and launching a Layer 2 blockchain scaling solution.
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