In a twist worthy of a theatrical farce, Binance emerges victorious, delivering a resounding slap to the face of the U.S. crypto overseers, as the SEC’s case crumbles like a poorly baked soufflé, dismissed with prejudice—oh, the irony!
Binance’s Triumph Sends Shockwaves Through the Halls of U.S. Crypto Regulation
On the fateful day of May 29, the U.S. Securities and Exchange Commission (SEC) announced, with all the pomp of a royal decree, that it has formally dismissed its civil enforcement action against Binance Holdings Ltd., BAM Trading Services Inc., BAM Management US Holdings Inc., and the illustrious Changpeng Zhao (CZ). The joint stipulation, filed in the U.S. District Court for the District of Columbia, effectively closes the curtain on a drama that began on June 5, 2023. BAM Trading Services, of course, is the proud operator of the Binance.US crypto trading platform.
The action was dismissed “with prejudice,” a legal term that sounds far more dramatic than it is, preventing the SEC from resurrecting this particular ghost in the future. In its filing, the securities regulator, in a tone reminiscent of a beleaguered parent, explained:
In the exercise of its discretion and as a policy matter, the Commission determined that the dismissal of this action is appropriate.
Ah, but fear not! The Commission hastened to clarify that this dismissal should not be misconstrued as a reflection of how it might handle other enforcement matters. The joint stipulation added, with a wink and a nudge: “The Commission’s decision to seek dismissal of this litigation does not necessarily reflect the Commission’s position on any other litigation or proceeding.” How reassuring! The dismissal marks the end of a rather comical chapter in the regulator’s ongoing saga of attempting to impose oversight on the wild west of cryptocurrency trading platforms.
In the wake of this announcement, Binance CEO Richard Teng took to the social media platform X, declaring:
The tide has turned. The SEC’s case against us is dismissed – justice, finally. Huge credit to Chairman Atkins and the Trump administration for standing up to regulatory overreach. The U.S. is back in the arena, ready to lead the world in blockchain innovation.
Teng’s remarks echo the crypto industry’s long-standing critique of the SEC’s previous regulatory antics. With Gary Gensler now a distant memory, new Chair Paul Atkins, who seems to have taken a page from the Trump administration’s playbook on blockchain, has shifted the agency’s focus from enforcement to a more collaborative approach. The SEC’s newly minted Crypto Asset Task Force is now hosting roundtables with industry players, signaling a delightful pivot from the heavy-handedness of yore to a more cooperative rulemaking process. Who knew regulation could be so… friendly?
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2025-05-30 15:59