SEC drops Binance lawsuit in yet another gift to crypto
1 min read
Summary
Legal proceedings between the US’s Securities and Exchange Commission (SEC) and Binance, the largest cryptocurrency exchange in the world, have been dropped after tensions had been brewing since June 2023.
The exchange faced a lawsuit from the SEC, which also named founder Changpeng Zhao, accusing the company of operating an illegal exchange and defrauding investors, among other allegations.
In February, both parties agreed to pause the case for 60 days, and Binance expressed gratitude to the SEC and Trump administration for recognising innovation needed a “better framework” than enforcement.
The case has now been dismissed with prejudice, meaning the SEC cannot pursue it again.
The Trump administration has shown increasing support for the cryptocurrency industry, recently dropping several other investigations into crypto exchanges.