TikTok has finalized a deal to create a new American entity, avoiding the looming threat of a ban in the United States that has been in discussion for years on the platform now used by more than 200 million Americans.

Axar.az informs, citing AP, the social video platform company signed agreements with major investors including Oracle, Silver Lake and the Emirati investment firm MGX to form the new TikTok US joint venture. The new version will operate under “defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation and software assurances for US users,” the company said in a statement Thursday.

American TikTok users can continue using the same app.

President Donald Trump praised the deal in a Truth Social post, thanking Chinese leader Xi Jinping specifically “for working with us and, ultimately, approving the Deal.” Trump add that he hopes “that long into the future I will be remembered by those who use and love TikTok.”

Adam Presser, who previously worked as TikTok’s head of operations and trust and safety, will lead the new venture as its CEO. He will work alongside a seven-member, majority-American board of directors that includes TikTok’s CEO Shou Chew.