CZ, CEO of Binance, rejects SEC’s emergency relief request.
The CEO of Binance, Changpeng “CZ” Zhao, expressed his relief and happiness as a prolonged conflict with the United States Securities and Exchange Commission (SEC) was successfully resolved. The SEC’s continued scrutiny had created a tense and uncertain period for the company, making the resolution a welcome development.
Now that the regulatory uncertainty is beginning to fade, CZ can focus on the future of Binance. In a tweet, the experienced cryptocurrency entrepreneur emphasized that the SEC’s request for emergency relief was unnecessary, affirming that the mutually agreed resolution would enable Binance to progress without any hindrance.
Notably, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia gave her approval to the “Proposed Stipulation and Consent Order” that was reached between Binance, Binance.US, and the 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 Binance (@cz_binance) June 17, 2023
According to the consent order, Binance is obliged to “repatriate” all fiat currency and cryptocurrency assets associated with Binance.US by the date specified in the court’s ruling. Additionally, the agreement imposes restrictions on Binance global officials, disallowing them from accessing the private keys of all wallets, including cold and hot wallets.
Despite the challenges and regulatory hurdles faced by Binance in recent times, CZ emphasized the company’s unwavering dedication to ongoing operations. While expressing content regarding the resolution of the SEC issue, the CEO of Binance underlined the assurance that users’ funds have remained, and will continue to remain, safe and secure across all Binance-associated services.
Related: CZ, Powell and more rally to fund legal fees for on-chain sleuth ZachXBT, surpassing $1M
During this period, Binance prioritized the safety and security of user funds, implementing strong security measures across all associated platforms. Moreover, Binance has indicated that its BNB Smart Chain is currently exploring the possibility of developing and launching a layer-2 blockchain scaling solution.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?