Binance CEO Chang Peng "CZ" Zhao expressed his happiness and relief that a protracted dispute with the United States Securities and Exchange Commission (SEC) was successfully resolved. Continued SEC scrutiny had created a tense and uncertain period for the company, making the resolution 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 emphasized that the SEC's emergency relief request was unnecessary, stating that the mutually agreed resolution would allow Binance to progress 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. .
While we maintain that the SEC's emergency relief request was wholly unjustified, we are pleased that the disagreement over this request was resolved on mutually agreeable terms.
User funds have been and always will be safe and secure on all Binance affiliates...
—CZ Binance (@cz_binance) June 17, 2023
As by consent order, Binance is required to “repatriate” all fiat and cryptocurrency assets associated with Binance.US by the date specified in the court ruling. Additionally, the agreement places restrictions on global Binance officials, preventing 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, CZ emphasized the company's unwavering dedication to ongoing operations. Expressing his content regarding the resolution of the SEC issue, the Binance CEO underscored the assurance that user funds have been and will continue to be kept safe and secure across all services associated with Binance.
Related: CZ, Powell and more team up to fund network detective ZachXBT's legal fees, topping $1 million
During the period, Binance prioritized safety and security of user funds, implementing strong security measures on all associated platforms. Additionally, Binance has 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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