Skip to main content

Binance CEO CZ deems SEC's request for emergency relief unwarranted

Binance CEO Changpeng 'CZ' Zhao has heaved a sigh of relief noting he is pleased the disagreement with SEC is over.

Changpeng 'CZ' Zhao, the CEO of Binance, expressed his happiness and sense of relief as the prolonged dispute with the United States Securities and Exchange Commission (SEC) has been successfully resolved. The SEC's ongoing scrutiny had created a tense and uncertain period for the company, making the resolution a significant milestone.

Nonetheless, as the regulatory uncertainty begins to fade, CZ can now find solace and concentrate on Binance's future. In a tweet, the veteran crypto entrepreneur emphasized that the SEC's emergency relief request was unnecessary, affirming that the mutually agreed-upon resolution would enable Binance to progress unhindered.

In a noteworthy turn of events, Judge Amy Berman Jackson of the US District Court for the District of Columbia has given her approval to the "Proposed Stipulation and Consent Order" that was reached between Binance, Binance.US and the US SEC on Saturday, June 18.

As per the consent order endorsed by Judge Jackson, Binance is obligated to "repatriate" all fiat currency and cryptocurrency assets associated with Binance.US by the date specified in the court's order. Additionally, the agreement imposes restrictions on Binance Global officials, disallowing them from accessing the private keys of all wallets, encompassing both cold and hot wallets.

In spite of the challenges and regulatory hurdles faced by Binance in recent times, CZ emphasizes the company's unwavering dedication to ongoing operations. While expressing contentment regarding the resolution of the SEC matter, the CEO of Binance underlines the assurance that users' funds have remained and will continue to remain safe and secure across all Binance-associated services.

Related:CZ, Powell and more rally to fund legal fees for on-chain sleuth ZachXBT, surpassing $1M

During the entire challenging period, Binance gave importance to the safety and security of user funds. The company implemented strong security measures to protect user funds across all associated platforms. Moreover, there have been indications from Binance that its BNB Chain is currently exploring the possibilities of developing and launching a Layer-2 blockchain solution.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?



from https://ift.tt/R5DFAZM
https://ift.tt/iIpe2P8
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Analyst Lays Out Theory That Suggests A 290% Move In Cardano (ADA) Before Rally Is Over

Cardano (ADA) has no doubt has an interesting couple of weeks leading up to this point. The digital asset has hit multiple new all-time highs as the rally raged on. Only now slowing down but still well above its last all-time high set in May of this year. The slowdown has seen the price of the asset lose its footing over $3, causing it to crash down below $2.70 for the first time in over a week. This loss of momentum has led the market to believe that the asset might be nearing the end of its rally. But not everyone thinks so. Analyst Jason Pizzino has predicted that the altcoin still has a bit of fight left in it, predicting a 290% move before the end of this current bull cycle. An increase of this magnitude would put the price of ADA at nothing less than $7, solidifying its claim as the third-largest cryptocurrency by market cap. The Theory Behind The Prediction Jason Pizzino took to his YouTube channel to share his prediction with his over 200K subscribers. The prediction complete...
Post a Comment
Read more

Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

The major exchange is inching closer to a public offering. Prominent Bitcoin ( BTC ) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction. Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90–$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350. A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time. The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq pla...
Post a Comment
Read more

Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund

Blockchain VC investment firm Hashed is seeking $173 million for a second fund. One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the success of the initial one which netted $120 million from investors in December 2020 . Specifics regarding the new fund and its potential investors are thin on the ground however. Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing. It has attracted big-name financiers such as Naver, South Korea’s third-largest company by market value, which invested $12 million in the first Hashed blockchain fund. The Seoul-based compan...
Post a Comment
Read more