SEC applies to court to withdraw lawsuit against Binance According to The Block, the US SEC has submitted documents to the court requesting the revocation of the lawsuit against cryptocurrency exchange Binance and its former CEO Zhao Changpeng. The SEC stated in a joint statement submitted to the Washington D.C. District Court that, based on policy considerations, it considers it appropriate to withdraw the case. The lawsuit began in 2023, with the SEC accusing Binance of operating without registration and making false statements about trading controls. In 2023, Binance has pleaded guilty to violating the Bank Secrecy Act and paid a fine of $4.3 billion. A spokesperson for Binance called this an "important moment of regulatory policy shift". The document shows that the SEC's newly established encryption working group has recently conducted extensive consultations with the industry. The SEC has recently withdrawn lawsuits against multiple cryptocurrency companies such as Coinbase and Uniswap. SEC Commissioner Peirce stated that enforcement should target clear violations, but will still crack down on illegal activities in the cryptocurrency field.