The US Securities and Exchange Commission (SEC) has taken steps to close its lawsuit against Binance
$11.19B
and its founder, Changpeng “CZ” Zhao.
On May 29, both parties filed a joint request with a federal court in Washington, DC, asking for the case to be dismissed permanently, which would prevent the same charges from being brought again.
The SEC had first filed the complaint in June 2023, which alleged that Binance and its US partner, BAM Trading, had violated securities laws.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
How to Trade NFTs Safely? (Animated Explainer For Beginners)
The agency said the exchange had mixed customer funds, failed to block US users from accessing the main platform, and gave misleading information about its operations.
The recent court filing mentioned the SEC’s Crypto Task Force, which suggests that the unit could help the agency handle similar cases in the future. The SEC explained that dropping the lawsuit was the right decision based on internal policy decisions.
The case had already been put on hold twice, once in February and again in April, as the agency reconsidered its legal approach.
Following the latest court filing, Binance shared in a May 29 post on X that the decision was a “huge win for crypto”. The exchange also thanked President Donald Trump and SEC Chair Paul Atkins for opposing what it described as enforcement-based regulation.
On May 6, Zhao confirmed on the Farokh Radio podcast that he had requested a pardon from President Trump. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
