SEC applies to court to withdraw lawsuit against Binance

According to BlockBeats, on May 30th, The Block reported that the US SEC has submitted documents to the court requesting the withdrawal of the lawsuit against Binance, a cryptocurrency trading platform, and its former CEO Zhao Changpeng. The SEC, Binance, and Binance founder CZ's lawyers have signed a joint withdrawal agreement and submitted it to the federal court in Washington, D.C. And based on policy considerations, it is deemed appropriate to withdraw this 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. 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 The SEC has recently withdrawn lawsuits against multiple cryptocurrency companies such as Coinbase and Uniswap.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.