The U.S. Securities and Exchange Commission (SEC) has voluntarily dismissed its lawsuit against Binance, the world’s largest cryptocurrency exchange. This development was revealed through court documents filed on May 29 in Washington, D.C., marking a significant turning point in the regulatory landscape for both the American cryptocurrency sector and Binance itself.
The dismissal followed a negotiated agreement signed by the SEC, Binance, and the exchange’s founder, Changpeng Zhao (CZ). Initially, the SEC had leveled several allegations against Binance, including artificially inflating trading volumes and misappropriating customer funds. Additionally, the regulatory body accused Binance of failing to restrict access to its platform for U.S. users and misleading investors about its market surveillance capabilities.
The SEC’s complaint further claimed that Binance facilitated the illegal trading of certain tokens classified as unregistered securities. These allegations had previously intensified scrutiny under former SEC Chairman Gary Gensler and the Biden administration, raising broader concerns about regulatory compliance within the cryptocurrency industry.
This dismissal comes at a time when regulatory discussions around digital assets are actively evolving in the United States, alongside significant changes to laws and regulatory agencies initiated during the Trump administration. The move is viewed as a positive sign under the leadership of SEC Chairman Gary Gensler’s successor, Paul Atkins, who is perceived to be fostering a more constructive regulatory environment for cryptocurrency exchanges.
Despite this legal victory, Binance’s native token, BNB, experienced a modest decline of approximately 1.4% over the past 24 hours, trading at around $675 per token. Nevertheless, the resolution of this high-profile case has injected renewed optimism into the cryptocurrency industry within the U.S. market.
Source: bitcoinist
