US SEC drops lawsuit against crypto giant Binance, founder Zhao – Here’s why
The US Securities and Exchange Commission(SEC) on Thursday voluntarily ended its two-year-long battle against cryptocurrency exchange Binance Holdings Ltd and its majority shareholder, Changpeng Zhao. The move reflects a potential shift in cryptocurrency policy under President Donald Trump, as per a Reuters report.
Why did the SEC sue Binance?
The SEC sued Binance and the company’s co-founder Changpeng Zhao in June 2023, accusing the exchange company of artificially inflating trading volumes, diverting customer funds and misleading investors about its surveillance controls, reported Reuters. Binance was also accused of unlawfully facilitating the trading of several cryptocurrency coins that the SEC leadership during President Joe…
