Binance CEO CZ Pushes Back Against SEC’s Emergency Relief Request, Calls it Unnecessary

Binance CEO Changpeng “CZ” Zhao expressed his happiness and relief as the prolonged dispute with the United States Securities and Exchange Commission (SEC) came to a successful resolution. The SEC’s scrutiny had created a period of uncertainty for the company, making the resolution a welcome development.

With regulatory uncertainties starting to fade, CZ can now shift his focus to Binance’s future. In a tweet, the seasoned crypto entrepreneur emphasized that the SEC’s emergency relief request was unnecessary, stating that the mutually agreed resolution would allow Binance to progress without hindrance.

In a significant 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” reached between Binance, Binance.US, and the SEC on June 18.

According to the consent order, Binance is obligated to “repatriate” all fiat currency and cryptocurrency assets associated with Binance.US by the specified date in the court’s ruling.

Additionally, the agreement imposes restrictions on Binance global officials, preventing them from accessing the private keys of all wallets, including cold and hot wallets.