Binance CEO Changpeng “CZ” Zhao expressed his relief and satisfaction as the prolonged dispute with the United States Securities and Exchange Commission (SEC) was successfully resolved. The SEC’s scrutiny had created a period of uncertainty and tension for the company, making the resolution a welcome development.
With the regulatory uncertainties fading, CZ can now shift his focus to the future of Binance. In a tweet, the seasoned crypto entrepreneur emphasized that the SEC’s emergency relief request was unnecessary and highlighted that the mutually agreed resolution would allow Binance to move forward without obstacles.
On their Twitter account, the platform wrote:
“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.”
In a significant turn of events, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia approved the “Proposed Stipulation and Consent Order” reached between Binance, Binance.US, and the SEC on June 18th.
According to the consent order, Binance is required to “repatriate” all fiat currency and cryptocurrency assets associated with Binance.US by a specified date set by the court. Additionally, the agreement imposes restrictions on Binance global officials, preventing them from accessing the private keys of all wallets, including cold and hot wallets.
Despite the challenges and regulatory hurdles faced by Binance recently, CZ emphasized the company’s unwavering commitment to ongoing operations.
While expressing satisfaction with the resolution of the SEC issue, the CEO of Binance reassured users that their funds have remained and will continue to remain safe and secure across all Binance-associated services.
It is worth noting that throughout this period, Binance prioritized the safety and security of user funds, implementing robust security measures across all platforms.