Binance CEO CZ Criticizes SEC’s Request for Emergency Relief as Unjustified

Binance CEO CZ Relieved as SEC Dispute Resolved, Focus Shifts to Future

Binance CEO Changpeng “CZ” Zhao has expressed his happiness and relief as the prolonged dispute with the United States Securities and Exchange Commission (SEC) has finally been resolved. The SEC’s scrutiny had created a period of uncertainty and tension for Binance, making the resolution a significant development.

With the regulatory uncertainty gradually dissipating, CZ can now turn his attention to shaping the future of Binance. In a tweet, the experienced crypto entrepreneur emphasized that the SEC’s request for emergency relief was unnecessary, stating that the mutually agreed resolution would allow Binance to move forward without obstacles.

In a notable turn of events, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia approved the “Proposed Stipulation and Consent Order” that had been reached between Binance, Binance.US, and the SEC on June 18.

According to the consent order, Binance is required to repatriate all fiat currency and cryptocurrency assets associated with Binance.US by the specified date set by the court. Additionally, 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 faced by Binance recently, CZ emphasized the company’s unwavering commitment to ongoing operations. While expressing contentment regarding the resolution of the SEC issue, the CEO underlined that users’ funds have remained, and will continue to remain, safe and secure across all Binance-related services.

Throughout the period, Binance has prioritized the safety and security of user funds, implementing robust security measures across all platforms. Additionally, the company has indicated that its BNB Smart Chain is exploring the development and launch of a layer-2 blockchain scaling solution, showcasing its dedication to technological advancement.

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