The United States Securities and Exchange Commission (SEC) and Binance have filed a joint stipulation seeking to dismiss the securities regulator’s action against the crypto exchange, filings show.
The dismissal specifically relates to the civil enforcement action brought against Binance Holdings, BAM Trading Services, BAM Management US Holdings and Binance’s former CEO, Changpeng Zhao, back in June 2023.
“Whereas, in light of the foregoing, and in the exercise of its discretion and as a policy matter, the Commission believes the dismissal of this Litigation is appropriate,” the May 29 filing in the District Court for the District of Columbia read.
The two parties hinted that a dismissal could have been a possibility in February when the SEC and Binance asked the judge to stay the case. The same request was filed in April.
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In the May 29 filing, the parties noted that the establishment of the SEC’s Crypto Task Force “might impact and facilitate the potential resolution of this litigation.”
Binance and Zhao settled a separate case with the US Department of Justice in November, 2023, where they pled guilty to Bank Secrecy Act violations and agreed to pay a $4.3 billion fine.
Zhao was then sentenced to four months in prison in April, 2024 for violating US money laundering laws.
The SEC’s willingness to dismiss Binance’s lawsuit follows ones from Coinbase, Consenus and Kraken, which were settled earlier this year.
The SEC has also ended investigations into Circle, Immutable and several others.
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This is a developing story, and further information will be added as it becomes available.
