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SEC Dismisses Binance Lawsuit, Marking End of Key Biden-Era Enforcement Case
The U.S. Securities and Exchange Commission (SEC) has officially dismissed its lawsuit against cryptocurrency exchange Binance and its founder, Changpeng Zhao. The agency filed a joint stipulation with Binance on Thursday, confirming the voluntary dismissal of the case, which dates back to 2023.
The move brings an end to one of the highest-profile crypto enforcement actions from the previous administration. The case had stood as a major symbol of the regulatory crackdown on digital assets under the Biden-era SEC.
A Coordinated Exit
While Binance and Zhao resolved several criminal and civil charges through a $4.3 billion settlement in November 2023, the SEC had not been part of that agreement. The securities regulator had pursued separate allegations, including accusations of securities law violations related to the exchange’s operations and product offerings.
However, in February 2025, the SEC indicated a likely withdrawal by asking the court for a 60-day stay. The formal dismissal filed this week finalizes that intention.
A Legal Chapter Closes
The end of the SEC’s case comes as the regulatory landscape for cryptocurrency in the U.S. continues to shift. Enforcement strategies and agency priorities are being re-evaluated, particularly as legislative proposals for digital asset oversight gain bipartisan traction.
Although the Department of Justice and other agencies remain active in crypto-related investigations, the SEC’s dismissal of the Binance case removes one of the last major legal actions stemming from a broader push to regulate the fintech and digital asset industry during the last presidential term.
Implications for the Crypto Industry
Binance remains one of the most widely used cryptocurrency exchanges globally, and Zhao, though no longer CEO, remains a prominent figure in the digital asset space. The resolution of SEC litigation reduces the ongoing legal risk facing the platform in the U.S., although other regulatory and compliance obligations continue to apply.
The development is being closely watched across the fintech sector, particularly as several digital asset companies explore or expand U.S. operations. With one of the most prominent enforcement actions now resolved, attention is likely to turn to the SEC’s future approach under current leadership and how ongoing regulatory reforms will affect institutional participation in crypto.
