365Crypto
The US Securities and Exchange Commission (SEC) is dropping its long fight against Binance. They filed a joint motion with Binance and its CEO, Changpeng Zhao, asking a court to dismiss the case.
The lawsuit started in June 2023. It accused Binance of breaking securities laws and mishandling customer funds. But now, the SEC wants to drop the case for policy reasons. They said their crypto task force might help solve the issues better.
Binance had already settled a separate case with the Department of Justice in late 2023. They paid $4.3 billion in fines and admitted to some serious mistakes. Zhao stepped down as CEO and even served four months in prison for money laundering.
The SEC’s decision to drop the lawsuit is seen as a big win for crypto fans. Binance thanked former President Trump and SEC Chair Paul Atkins for easing enforcement.
This move fits a pattern. The SEC has backed off many crypto cases under new leadership. They’ve dropped or settled lawsuits against Coinbase, Kraken, and others. The agency is now working with the industry to build clearer crypto rules.
