Binance, one of the world’s largest cryptocurrency exchanges, has resolved a long-standing dispute with the US Securities and Exchange Commission (SEC), according to CEO Changpeng “CZ” Zhao.
The resolution brings an end to a period of regulatory uncertainty and tension that had gripped the company.
Expressing his relief on Twitter, CZ considered the SEC’s request for emergency relief unnecessary and welcomed the mutually agreed resolution. He believes the settlement will pave the way for Binance’s future growth without hindrance.
Judge Amy Berman Jackson from the U.S. District Court for the District of Columbia gave her nod to the “Proposed Stipulation and Consent Order” reached between Binance.
Binance.US, and the SEC on June 18th. This outcome is seen as a significant milestone in the crypto industry, showcasing the importance of compliance with regulatory requirements.
Under the terms of the consent order, Binance must “repatriate” all fiat and cryptocurrency assets associated with Binance.US by a specific date outlined in the court ruling.
The agreement also imposes restrictions on Binance’s global executives, preventing them from accessing the private keys of all wallets, including both cold and hot wallets.
This development enables Binance to focus on its operations and expansion while ensuring it adheres to all regulatory requirements. CZ’s reaction suggests optimism for the future, viewing this regulatory clarity as a positive step forward for Binance and the broader cryptocurrency industry.
Other Stories:
Arbitrum governance token’s (ARB) price set for reversal after airdrop
ZachXBT facing libel lawsuit over embezzlement allegations
Tether responds to controversy over accounts deactivation
