SEC and Binance Exchange Drop Legal Proceedings

The US Securities and Exchange Commission and the largest platform for selling crypto assets Binance have reached an agreement to close the legal dispute.

The regulator and the exchange have filed a joint motion to the court asking for the case, which has been ongoing since June 2023. At the time, the SEC accused Binance, its founder Changpeng Zhao, and the platform's subsidiaries of violating securities laws, mishandling customer deposits, and providing false or misleading information to platform users. In February of this year, the parties had already filed a joint motion to stay the case for 60 days, citing the creation of a new task force within the regulator to deal with cryptocurrency regulation issues.

Now the legal dispute has been officially settled, which could be an important step in the future relationship between the US authorities and one of the key players in the digital asset market.

Earlier, crypto exchange Binance officially filed a petition in the Delaware District Court, demanding to withdraw the lawsuit of the FTX platform. The largest exchange called the claims against it “legally invalid” and rejected any responsibility for the bankruptcy of FTX.