Binance CEO CZ is happy and relieved that the disagreement with the SEC has been resolved.
Changpeng ‘CZ’ Zhao, the CEO of Binance, shared his joy and relief as the long-standing dispute with the United States Securities and Exchange Commission (SEC) has been resolved. The SEC’s close examination of the company had caused a lot of stress and uncertainty, so reaching an agreement is a big accomplishment for Binance.
Now that the regulatory uncertainty is starting to disappear, CZ, the CEO of Binance, can feel relieved and focus on the future of the company. In a tweet, CZ, who has a lot of experience in the crypto industry, highlighted that the emergency relief requested by the SEC was unnecessary. He also mentioned that the agreed-upon resolution would allow Binance to continue its progress without any obstacles.
Also Read: SEC Lawsuits Against Binance and Coinbase Spark Unity in the Crypto Industry
In an important development, Judge Amy Berman Jackson of the US District Court for the District of Columbia has given her approval to the agreement called the “Proposed Stipulation and Consent Order.” This agreement was made 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 🔶 BNB (@cz_binance) June 17, 2023
According to the consent order approved by Judge Jackson, Binance has a responsibility to bring back all the fiat currency and cryptocurrency assets linked to Binance.US by a specific date mentioned in the court’s order. Additionally, the agreement puts limitations on Binance Global officials, preventing them from accessing the private keys of all wallets, including both cold and hot wallets.
Despite the difficulties and regulations Binance has faced recently, CZ, the CEO, assures everyone of the company’s commitment to ongoing operations. He expresses satisfaction with the resolution of the SEC matter and emphasizes that users’ funds have always been and will remain safe and secure across all Binance services.
Throughout the difficult times, Binance prioritized the safety and security of user funds. They took strong measures to ensure the protection of user funds across all their platforms. Additionally, Binance has shown interest in exploring the development and launch of a Layer-2 blockchain solution on their BNB Chain.
Also Read: SEC vs. Binance: The Battle Between Regulators and a Crypto Giant
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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