The U.S. Securities and Exchange Commission (SEC) has voluntarily dropped its lawsuit against Binance, the world’s biggest cryptocurrency exchange. This was confirmed by a court filing on Thursday in Washington, D.C.
The dismissal was filed jointly by lawyers for the SEC, Binance, and Binance’s founder, Changpeng Zhao.
Last year, the SEC had accused Binance and Zhao of inflating trading volumes, mixing customer funds, allowing U.S. customers to trade on Binance’s main platform despite restrictions, and misleading investors about how the exchange monitored the market. The SEC also said Binance allowed trading in tokens it considered unregistered securities.
The regulator called Binance and its U.S.-based affiliate, Binance.US, out for selling unregistered securities and described their handling of customer funds as a “web of deceit.”
Now, with the lawsuit dropped, the crypto world is waiting to see what this means for Binance and how it might affect future regulations for the industry.
No official reason has been given for the SEC’s decision to dismiss the case.
Also Read: Coinbase Finds More Trouble as It’s Hit with Another Lawsuit