Binance CEO Changpeng “CZ” Zhao expressed his happiness and relief as a prolonged dispute with the United States Securities and Exchange Commission (SEC) was successfully resolved. The SEC’s ongoing scrutiny had created a tense and uncertain period for the company, making the resolution a welcome development.
Nonetheless, as the regulatory uncertainty begins to fade, CZ can now find solace and concentrate on Binance’s future. In a tweet, the veteran crypto entrepreneur emphasized that the SEC’s emergency relief request was unnecessary, affirming that the mutually agreed-upon resolution would enable Binance to progress unhindered.
In a noteworthy turn of events, Judge Amy Berman Jackson of the US District Court for the District of Columbia has given her approval to the “Proposed Stipulation and Consent Order” that was reached between Binance, Binance.US and the US 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
As per the consent order endorsed by Judge Jackson, Binance is obligated to “repatriate” all fiat currency and cryptocurrency assets associated with Binance.US by the date specified in the court’s order. Additionally, the agreement imposes restrictions on Binance Global officials, disallowing them from accessing the private keys of all wallets, encompassing both cold and hot wallets.
In spite of the challenges and regulatory hurdles faced by Binance in recent times, CZ emphasizes the company’s unwavering dedication to ongoing operations. While expressing contentment regarding the resolution of the SEC matter, the CEO of Binance underlines the assurance that users’ funds have remained and will continue to remain safe and secure across all Binance-associated services.
During the entire challenging period, Binance gave importance to the safety and security of user funds. The company implemented strong security measures to protect user funds across all associated platforms. Moreover, there have been indications from Binance that its BNB Chain is currently exploring the possibilities of developing and launching a Layer-2 blockchain solution.