Binance celebrates SEC’s lawsuit dismissal as ‘big win for crypto’

Binance has called the SEC’s dismissal of its lawsuit against the exchange a “big win for crypto, the United States, and the world.”

Binance is celebrating the closure of a major case against it. On Friday, May 30, the U.S. Securities and Exchange Commission officially dismissed its lawsuit against the exchange and its founder, Changpeng Zhao. In an official statement, Binance said the decision signals that the U.S. is serious about crypto innovation.

“Today is a big day for Binance, crypto, and the U.S. With the dismissal of the Securities and Exchange Commission’s long-standing case against us, one chapter closes, but a more promising one begins. This legal decision is a signal to the world: The U.S. is serious about innovation again,” Binance.

The SEC’s numerous lawsuits against crypto firms have created a “chilling effect” on innovation, Binance added. A lack of clear regulations meant that companies were left guessing whether their operations were legal.

“The SEC decision benefits everyone: U.S. consumers and the economy, innovators working on the future of finance, and global users who will feel the beneficial ripple effects of a more legitimized and better-understood digital-asset space,” Binance.

Binance also noted that the dismissal coincides with a shift in political momentum following the election of Donald Trump. Notably, both sides of the political divide in the U.S. now largely favor pro-crypto regulation.

SEC’s accusations against Binance

The decision followed a joint filing on April 29, in which the SEC, Binance entities, and Zhao requested the judge to dismiss the case. The lawsuit, which began in June 2023, alleged that Binance misused customers’ assets, inflated trading volumes, and operated an unregistered exchange in the U.S.

The SEC also accused Binance of listing tokens such as Solana and Cardano, which the agency classified as securities. However, since the change in the SEC’s leadership under Trump, the agency has taken a more pro-crypto approach.