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SEC Dismisses Lawsuit Against Binance and Changpeng Zhao With Prejudice

New SEC leadership has pivoted away from aggressive enforcement toward a more crypto-friendly regulatory framework.

Smartphone with displayed Binance logo is placed on keyboard in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration
Richard Teng, CEO of Binance.
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Overview

  • In a joint May 29 filing, the SEC and Binance secured dismissal of the June 2023 lawsuit with prejudice, preventing the agency from refiling identical claims.
  • The original complaint accused Binance of illegally serving U.S. customers, inflating trading volumes, and commingling client funds.
  • This decision concludes the last major enforcement action against Binance after its $4.3 billion settlement with U.S. authorities in 2024.
  • Binance is raising a $2 billion investment from Emirati state fund MGX entirely in the USD1 stablecoin and deepening its partnership with World Liberty Financial in Pakistan.
  • Founder Changpeng Zhao was appointed adviser to Pakistan’s new Crypto Council as Binance deepens its operations there.