SEC Backs Down: Binance Lawsuit to Be Dropped in Major Crypto Win
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The SEC is throwing in the towel on its legal battle against Binance, dealing another blow to its crackdown on the crypto industry.
A May 29 court filing revealed that the SEC, Binance, and ex-CEO Changpeng Zhao are asking a federal judge to dismiss the lawsuit—permanently. The regulator cited its Crypto Task Force and “policy discretion” as reasons for the surprise retreat.
If approved, the case will be closed with prejudice, shutting the door on any future SEC action. The lawsuit, which accused Binance of securities fraud and financial misconduct, had been on hold since February.
The move follows Binance’s record $4.3 billion settlement with the DOJ, which also saw Zhao plead guilty to money laundering and serve prison time.
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