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Changpeng “CZ” Zhao, CEO of Binance, expressed his joy and sense of relief as the long-running dispute with the US Securities and Exchange Commission (SEC) was successfully resolved. The ongoing investigation by the SEC created a tense and uncertain period for the company, making the decision a milestone.
However, as the regulatory uncertainty begins to fade, CZ can now find solace and focus on the future of Binance. In a tweet, the veteran crypto entrepreneur stressed that an SEC emergency request was unnecessary, confirming that a mutually agreed solution would allow Binance to develop unhindered.
In a notable turn of events, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia gave her consent to the “Proposed Agreement and Decree of Consent” that was reached between Binance, Binance. US and US SEC on Saturday.18 June.
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
Under the consent ruling approved by Judge Jackson, Binance is required to “repatriate” all fiat and cryptocurrency assets associated with Binance. US, by the date specified in the court order. In addition, the agreement imposes restrictions on Binance Global officials, preventing them from accessing the private keys of all wallets, including both cold and hot wallets.
Despite the challenges and regulatory hurdles that Binance has faced of late, CZ highlights the company’s unwavering commitment to ongoing operations. While expressing his satisfaction with the resolution of the SEC matter, the CEO of Binance stresses his confidence that user funds have and will remain safe in all Binance-related services.
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Throughout the difficult period, Binance has paid great attention to the security of user funds. The company has implemented stringent security measures to protect user funds across all associated platforms. Moreover, Binance revealed that its BNB network is currently exploring the development and launch of a layer-two blockchain solution.