Binance CEO CZ regards the SEC's request for immediate relief as unnecessary
June 19, 2023 5:54 AM
The chief executive officer of Binance Changpeng "CZ" Zhao is relieved that the dispute with the SEC is settled.
Binance CEO Changpeng "CZ" Zhao expressed his joy and pleasure after a long-running disagreement with the Securities and Exchange Commission ( SEC ) was successfully resolved. The protracted SEC investigation had created a tense and unsettled period for the firm, so the conclusion was a pleasant step.
As the regulatory concern fades, CZ can now focus on Binance's future. In a tweet→, the seasoned crypto entrepreneur highlighted that the SEC's immediate relief request was unnecessary, stating that the mutually agreed-upon resolution will allow Binance to continue operating without interruption.
An important development occurred on Saturday, June 18 when Judge Amy Berman Jackson of the United States District Court for the District of Columbia approved the "Proposed Stipulation and Consent Order" reached between Binance, Binance.US, and the SEC.
Binance is required by the consent order to "repatriate" any fiat currency and cryptocurrency assets related to Binance.US by the date indicated in the court's judgment. Furthermore, the agreement restricts Binance global administrators from viewing the private keys associated with all wallets, which includes both cold and hot wallets.
Despite Binance's recent setbacks and regulatory hurdles, CZ emphasized the company's unshakable commitment to ongoing operations. While expressing satisfaction with the resolution of the SEC issue, Binance's CEO emphasized that users' monies have remained, and will continue to remain, safe and secure across all Binance-related services.
During that time, Binance made it a top priority to keep user funds secure by adopting stringent measures across all of its affiliated services. Furthermore, Binance's BNB Smart Chain is investigating the prospect of developing and releasing layer-2 blockchain scaling solutions.