SEC Backs Down From Binance, Zhao Case Citing Discretion, New Crypto Strategy

• SEC, Binance, & Zhao jointly file to dismiss the agency’s June 2023 lawsuit “with prejudice.”
• Dismissal follows Binance/Zhao’s $4.3B DOJ settlement & reflects a new crypto policy stance.
• SEC cites Crypto Task Force developments & “discretion” for ending the Binance/CZ case.

The U.S. Securities and Exchange Commission (SEC) has requested the dismissal of its high-profile lawsuit against global crypto exchange Binance and its co-founder Changpeng “CZ” Zhao, signaling a potentially significant turn in the agency’s crypto enforcement era. 

In a joint motion filed on May 29 in a Washington, D.C., federal court, the SEC, alongside Binance and Zhao, formally asked for the case—initially launched in June 2023, to be terminated “with prejudice,” a legal stipulation that would prevent the same lawsuit from being refiled.

Background of the SEC’s Action

The SEC’s lawsuit originally accused Binance, its U.S. arm BAM Trading, and Zhao of multiple securities …

The post SEC Backs Down From Binance, Zhao Case Citing Discretion, New Crypto Strategy appeared first on Coin Edition.