Binance CEO Changpeng Zhao “CZ” said he is happy and relieved that the long-running dispute with the US Securities and Exchange Commission (SEC) has been successfully resolved. The SEC's ongoing scrutiny has created a tense and uncertain time for the company, making the resolution a welcome development.
With regulatory uncertainty starting to recede, Zhao can now focus on the future of Binance. In a tweet, the veteran cryptocurrency entrepreneur emphasized that the SEC's request for emergency relief was unnecessary, and confirmed that a mutually agreed upon settlement w ould allow Binance to progress unimpeded . Notably, US District Court Judge Amy Berman Jackson approved the “Proposed Order of Engagement and Consent” between Binance, Binance.US, and the SEC on Saturday, June 18.
Pursuant to the consent order, Binance is obliged to “repatriate” all fiat and crypto assets associated with Binance.US by the date specified in the court ruling. Additionally, the protocol imposes restrictions on Binance global officials, not allowing them to access the private keys of all wallets, both cold and hot. Despite Binance's recent challenges and regulatory hurdles, CZ highlighted the company's unwavering dedication to continued operations. Speaking about addressing the SEC's concerns, the Binance CEO emphasized the guarantee that user funds have been and will continue to be safe and secure across all Binance-related services.
During this time, Binance has prioritized the safety of user funds, implementing strong security measures across all relevant platforms. Additionally, Binance stated that its BNB Smart Chain is currently exploring the possibility of developing and launching a layer 2 block chain scaling solution.
