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Binance Founder Announces Positive Outcome in SEC Battle, Affirms Safety of Customer Funds

Changpeng Zhao, the founder and CEO of the world’s largest digital asset trading platform, Binance, has announced a positive outcome in the legal battle with the U.S. Securities and Exchange Commission (SEC). Zhao’s comments came after he and the entities operating Binance’s U.S. platform agreed to repatriate assets held on behalf of American customers back to the United States under a court-secured order.

Zhao affirmed that the funds deposited in Binance are safe and protected across all affiliated platforms. Emergency measures have been approved to facilitate the withdrawal of funds for U.S. users from the platform, while the assets they hold remain secured within the country.

This announcement follows the SEC’s request for a temporary restraining order to freeze Binance US’s assets, which was filed against the platform’s operators and Zhao himself, alleging violations of U.S. securities laws and commingling and conversion of funds.

In response, Binance US informed its users that the Supreme Court for the District of Columbia did not grant the SEC’s request for a temporary restraining order and asset freeze on the platform, describing it as “clearly unwarranted in both fact and law.” The company affirmed that the regulatory conflict has caused some damage to its operations but remains determined to defend itself against unjustified accusations and regulatory tactics.

With this announcement, the continuity of Binance’s operations is confirmed, reassuring customers about the safety of their funds and the preservation of the platform’s business amid the ongoing legal battle with the U.S. regulatory authority

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