The U.S. Securities and Exchange Commission (SEC) has officially withdrawn its lawsuit against Binance and founder Changpeng Zhao (CZ), concluding one of the last legal actions initiated by the agency related to cryptocurrency.
This withdrawal pertains to the civil lawsuit filed by the SEC in June 2023, targeting Binance Holdings, BAM Trading Services, BAM Management US Holdings, and individual Changpeng Zhao. In a filing to the District Court of Columbia on May 29, the SEC stated: “Based on relevant factors, along with its authority and policies, the SEC finds that it is entirely appropriate to dismiss this lawsuit.”
Earlier, in February 2025, the SEC and Binance hinted at the possibility of ending the lawsuit when both parties filed a joint request for the judge to postpone the case. A similar move was made in April. In the filing on May 29, the parties emphasized that the establishment of the SEC’s Cryptocurrency Task Force could play a crucial role in facilitating and expediting the resolution of the case.
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Previously, in November 2023, Binance and Changpeng Zhao reached an agreement with the U.S. Department of Justice in a separate case, admitting to violations of the Bank Secrecy Act and agreeing to pay a fine of $4.3 billion. By April 2024, Changpeng Zhao was sentenced to four months in prison for violating U.S. anti-money laundering laws.
The SEC’s decision to withdraw the lawsuit against Binance comes after the agency successfully settled similar lawsuits with Coinbase, ConsenSys, and Kraken this year. Additionally, the SEC has officially closed investigations related to Circle, Immutable, and several other companies.
