Changpeng ‘CZ’ Zhao, Binance CEO expressed joy and relief that the continuing dispute with the United States Securities and Exchange Commission (SEC) has been resolved. The crypto exchange giant has been under scrutiny by the SEC for some time, ushering in a tense and uncertain period for the company.
However, with the regulatory cloud dissipating, CZ can now breathe a sigh of relief and focus on the future of Binance. In a Twitter post, the crypto veteran stated that the mutually acceptable resolution will allow Binance move forward even though he highlighted that the SEC’s request for emergency relief was not necessary.
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 🔶 Binance (@cz_binance) June 17, 2023
Agreement Between Binance and SEC
In a significant development, the US District Court for the District of Columbia Judge Amy Berman Jackson has approved the “Proposed Stipulation and Consent Order” agreed upon by Binance, Binance.US, and US SEC on Saturday.
According to the consent order signed by Judge Jackson, Binance must “repatriate” all fiat currency and crypto assets related to Binance.US on or before the date the court issued the order.
In addition, the agreement stipulates that only Binance.US employees will have access to customer funds on the US-based crypto exchange. This restriction aims to ensure that Binance.US maintains control over customer funds and can independently manage and safeguard them.
Furthermore, the agreement limits access for Binance Global officials, preventing them from accessing the private keys of all wallets, including both cold and hot wallets.
Binance Looks Towards a Positive Direction
Despite the difficulties and regulatory obstacles that Binance has encountered recently, CZ highlights that the firm is committed to continuing operations.
While expressing satisfaction over the resolved issue with the SEC, Binance CEO emphasized that users’ funds have been and will continue to be safe and secure on all Binance-affiliated services.
Throughout the ordeal, Binance has consistently prioritized the safety and security of user funds. Binance has implemented robust security measures to safeguard user funds on all affiliated platforms. Recently, there have been indications from Binance that its BNB Chain is exploring the development and release of a Layer-2 blockchain solution.
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