Binance Settles Dispute with SEC
Binance CEO Changpeng “CZ” Zhao expressed his joy and relief upon the successful resolution of a long-standing dispute with the United States Securities and Exchange Commission (SEC). The SEC’s continuous monitoring had resulted in a tense and uncertain period for the company, making the settlement a much-anticipated event.
As the regulatory doubts start to diminish, CZ can now focus on Binance’s prospects. In a tweet, the experienced crypto entrepreneur stated that the SEC’s emergency aid request was not required, confirming that the mutually agreed solution would let Binance to proceed without any impediment.
Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia made a noteworthy decision when she gave her approval to the “Proposed Stipulation and Consent Order” that had been reached between Binance, Binance.US and the SEC on Saturday, June 18.
In accordance with the court’s ruling, Binance is obligated to repatriate all fiat currency and cryptocurrency assets associated with Binance.US by the designated date. Furthermore, the agreement prohibits Binance global officials from accessing the private keys of any wallets, including hot and cold wallets.
Binance Committed to Ongoing Operations
Despite the difficulties and regulatory obstacles Binance has encountered lately, CZ emphasized the firm’s steadfast commitment to ongoing operations. While expressing satisfaction with the resolution of the SEC dilemma, the CEO of Binance highlighted the assurance that users’ funds have remained, and will remain, secure and protected across all Binance-related services.
CZ, Powell, and many more have come together to raise funds for the legal fees of blockchain investigator ZachXBT, surpassing the $1 million mark.
During the period, Binance put the protection of user funds first, introducing robust security protocols across all its platforms. Furthermore, Binance has announced that its BNB Smart Chain is investigating the feasibility of creating and launching a layer-2 blockchain scaling solution.
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