The U.S. Securities and Exchange Commission has moved to dismiss its lawsuit against privately held cryptocurrency exchange Binance.
The SEC and Binance filed a joint motion to end the legal action without providing a reason why the lawsuit is being dropped.
The long-running case against Binance had already been paused while the SEC's new cryptocurrency task force worked to develop a regulatory framework for digital assets.
The case is being dismissed with prejudice, meaning the SEC cannot bring the lawsuit against Binance back in the future.
The court filing also prevents Binance from filing a lawsuit or complaint against the SEC for its lawsuit that was brought against the crypto exchange in June 2023.
Binance was founded and previously run by Canadian entrepreneur Changpeng “CZ” Zhao, who stepped down in 2023 as he served a short prison term for violating U.S. securities laws.
Dropping the case against Binance is one of several pursuits of crypto firms that the SEC has abandoned since U.S. President Donald Trump returned to the White House vowing to make America the “crypto capital of the planet.”
Earlier in May, Binance announced it would list on its exchange “USD1,” a stablecoin issued by World Liberty Financial, a crypto company tied to President Trump and his children.
Bitcoin (BTC), the largest crypto by market capitalization, is currently trading at $105,700 U.S., having gained 13% this year.
