The Securities and Exchange Commission filed to dismiss its civil case against cryptocurrency-trading platform Binance and its founder, Changpeng Zhao.
The regulator filed a joint motion with the company Thursday to drop the case. The SEC had charged Binance and Zhao in 2023 with several securities violations, alleging the company operated unregistered exchanges, misrepresented trading controls and mixed investors’ assets with company funds.
The firm separately pleaded guilty that year to violating anti-money-laundering requirements, and Zhao served four months in jail on a related charge.
The move comes as the Trump administration takes a different approach to regulating the crypto industry. In February, the SEC asked a court to pause its case against Binance while a new task force, set up by President Trump’s acting SEC Chairman Mark Uyeda, worked on a regulatory framework for cryptocurrencies.
Representatives of Trump’s family have also held talks to take a financial stake in the U.S. arm of the company, The Wall Street Journal reported in March.
The dismissal does not necessarily reflect its position on any other litigation or proceeding, the SEC said.
