Binance CEO CZ expressed his satisfaction on Twitter following the recent positive developments from the SEC lawsuit. Two critical decisions have emerged from the court in favor of Binance…
Two critical decisions came out of Binance case
In the latest developments from the case, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia upheld the “Recommended Term and Approval Order” agreed to by Binance, BinanceUS, and the SEC on Saturday. Accordingly, Binance must “return to its country” all fiat and cryptocurrencies associated with Binance.US on or before the date of the court order.
The deal also limits the access of Binance Global officials, preventing them from accessing the private keys of all wallets, including both cold and hot wallets.
Another development was that the court found the SEC’s claims unsatisfactory. cryptocoin.comAs we reported, BinanceUS wrote on Twitter yesterday:
…We are pleased to inform you that the court did not accept the SEC’s request for the freezing and temporary protection of assets on our platform, which was not clearly justified by both facts and law…
In fact, SEC lawyers admitted in Court earlier this week that when asked by the Judge, they had no evidence that such a thing had occurred.”
What did Binance CEO say?
Following the latest developments, CZ expressed his satisfaction and comfort with the resolution of the dispute on Twitter. The leading stock market has been in a tense process since June 5th. In his most recent tweets, CZ mentioned that the SEC’s requests are not necessary. He said that a mutual agreement would be more beneficial:
While we argue that the SEC’s urgent request for assistance is completely unfounded, we are pleased that the dispute over this request has been resolved on mutually acceptable terms… User funds will always be safe and secure on all Binance affiliated platforms…
Although we maintain that the SEC's request for emergency relief was entirely unwarranted, we are pleased that the disagreement over this request was resolved on mutually acceptable terms.
User funds have been and always will be safe and secure on all Binance-affiliated…
— CZ 🔶 Binance (@cz_binance) June 17, 2023
Leading exchange gains dominance in SEC lawsuit
The crypto exchange giant has faced harsh regulations recently, especially in the USA. Meanwhile, he emphasizes that he has decided to continue his activities with a determination led by CEO Changpeng Zhao (CZ). In its latest statements, CZ expressed satisfaction with the issue resolved with the SEC. Thus, it emphasizes that the funds of its users are safe and will be safe from now on.
The leading exchange has consistently focused on the security of user funds throughout the difficult process. It has implemented robust security measures to protect user funds on all connected platforms. There are also signs that it is working on the development and launch of BNB Chain. A mysterious Binance tweet pointing to June 15th to June 19th:
19.6.23 pic.twitter.com/R8ZLTNt4kS
— BNB Chain (@BNBCHAIN) June 15, 2023
Binance continues to take various steps to comply with regulatory requirements and maintain the trust of its users. The team led by CZ believes that Binance will move forward strongly and remain a key player in the cryptocurrency industry.
