The Securities and Exchange Commission (SEC) has dismissed its civil enforcement case against Binance.
Announced in a brief statement today, the SEC said it had filed a joint stipulation with defendants Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao to dismiss, with prejudice, the Commission’s ongoing civil enforcement action against them. With prejudice indicates there will not be a move to pursue the case further. Zhao is the founder of Binance and its former CEO.
The SEC said that it had determined that the dismissal of this action was “appropriate” and the decision to seek dismissal of this litigation does not necessarily reflect the Commission’s position on any other litigation or proceeding.
Since the change in administration, the SEC has reversed multiple enforcement actions against crypto firms, altering its posture from pursuing crypto entities for allegations regarding securities transactions that violate securities law to one of acknowledging that the SEC must adapt and provide a path for a compliant approach to the financial sector.