Changpeng Zhao (CZ), the CEO of Binance, expressed his delight and relief as the court resolved a protracted dispute with the United States Securities and Exchange Commission (SEC). The SEC’s ongoing scrutiny created tension and uncertainty for the company, making the resolution a significant milestone.
However, with the regulatory uncertainty gradually dissipating, CZ can now find solace and focus on Binance’s future. In a tweet, the experienced crypto entrepreneur emphasized that the SEC’s request for emergency relief was unnecessary, affirming that the mutually agreed-upon resolution would allow Binance to move forward unimpeded.
In a noteworthy development, Judge Amy Berman Jackson of the US District Court for the District of Columbia approved the “Proposed Stipulation and Consent Order” between Binance, Binance.US, and the US SEC on Saturday, June 18.
According to the consent order endorsed by Judge Jackson, the court obligated Binance to “repatriate” all fiat currency and cryptocurrency assets associated with Binance U.S. by the specified date in the court’s order. Furthermore, the agreement imposes restrictions on Binance Global officials, preventing them from accessing all wallets’ private keys, including cold and hot wallets.
Despite the challenges and regulatory hurdles faced by Binance recently, CZ emphasizes the company’s unwavering commitment to ongoing operations. While expressing satisfaction with the resolution of the SEC matter, the CEO of Binance underscores the assurance that users’ funds have remained safe and secure across all Binance-related services.
Throughout the challenging period, Binance prioritized the safety and security of user funds by implementing robust security measures across all affiliated platforms. Additionally, there are indications from Binance that its BNB Chain is currently exploring possibilities for the development and launch of a Layer-2 blockchain solution.