The Securities and Exchange Commission on Thursday filed to have its long-running lawsuit against crypto exchange Binance and its founder dropped, a court filing shows.

Wall Street's biggest regulator in 2023 alleged that Binance, its boss Changpeng "CZ" Zhao, and U.S.-based sister company Binance.US offered the sale of unregistered securities, failed to block U.S. users from accessing the main exchange, and commingled customer funds through a "web of deceit."

Editor's note: This story is breaking and will be updated with additional details.

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