The U.S. Securities and Exchange Commission (SEC) announced on May 29 that it has formally dismissed its civil enforcement action against Binance Holdings Ltd., BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao (CZ). The joint stipulation, filed in the U.S. District Court for the District of Columbia by the SEC and the defendants, closes the matter initially filed on June 5, 2023. BAM Trading Services operates the Binance.US crypto trading platform.

The action was dismissed “with prejudice,” preventing the SEC from bringing the same claim again in the future. In its filing, the securities regulator explained:

In the exercise of its discretion and as a policy matter, the Commission determined that the dismissal of this action is appropriate.

The Commission emphasized that the move should not be interpreted as an indication of how it may handle other enforcement matters. The joint stipulation added: “The Commission’s decision to seek dismissal of this litigation does not necessarily reflect the Commission’s position on any other litigation or proceeding.” The dismissal concludes a key chapter in the regulator’s broader efforts to impose oversight on major cryptocurrency trading platforms.

Following the announcement, Binance CEO Richard Teng reacted to the decision on social media platform X, writing:

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 reflect the crypto industry’s criticism of the SEC’s past regulatory approach. Following Gary Gensler’s departure, new Chair Paul Atkins, who is aligned with the Trump administration’s focus on blockchain, has shifted the agency toward collaboration. The SEC’s newly established Crypto Asset Task Force is now holding roundtables with industry players, signaling a move from enforcement to cooperative rulemaking.

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