In a notice dated 2 July, the US Department of Commerce granted the company time until 1 August to carry out these functions, Reuters reported.
Since then, reports claim that a deal has been worked out to enable the company to get back into business and that this would involve paying a US$1 billion fine, depositing US$400 million in escrow in the case of future violations, and changing its management.
Reuters said on Wednesday that the escrow agreement was still to be completed and until that happened, the US$400 million could not be deposited.
The ban was imposed because the US said ZTE had not abided by the terms of an agreement reached in 2016 after the company had been found to be flouting US sanctions on selling devices to Iran and North Korea.
The company paid a fine of US$1.2 billion for the offence, but did not discipline certain employees as it agreed to do as part of the settlement.