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SEC Dropped the Lawsuit Against Binance After 2 Years
The US Securities and Exchange Commission (SEC) voluntarily dismissed its lawsuit against Binance yesterday (Thursday) with prejudice, meaning the agency cannot pursue the case again.The regulator had sued Binance and Changpeng Zhao, its founder and former CEO, in June 2023, accusing them of artificially inflating the exchange's trading volumes. Other charges included the diversion of customer funds and misleading investors about the exchange’s surveillance controls.The exchange was also accused of facilitating the trading of cryptocurrencies that could be classified as unregistered securities.“A Landmark Moment”The dismissal came months after the regulatory agency paused the case to assess the impact of the crypto task force. The official dismissal has now been finalised as a joint stipulation of dismissal—signed by the lawyers representing the SEC, Binance, and Zhao—was filed in the Washington D.C. federal court.
The US Securities and Exchange Commission (SEC) voluntarily dismissed its lawsuit against Binance yesterday (Thursday) with prejudice, meaning the agency cannot pursue the case again.
The regulator had sued Binance and Changpeng Zhao, its founder and former CEO, in June 2023, accusing them of artificially inflating the exchange's trading volumes. Other charges included the diversion of customer funds and misleading investors about the exchange’s surveillance controls.
The exchange was also accused of facilitating the trading of cryptocurrencies that could be classified as unregistered securities.
“A Landmark Moment”
The dismissal came months after the regulatory agency paused the case to assess the impact of the crypto task force. The official dismissal has now been finalised as a joint stipulation of dismissal—signed by the lawyers representing the SEC, Binance, and Zhao—was filed in the Washington D.C. federal court.
