On May 30, 2025, according to the authoritative media The Block, the U.S. Securities and Exchange Commission (SEC) officially submitted a "Joint Stipulation" document to the Federal District Court of the District of Columbia, seeking to dismiss the civil lawsuit against the world's largest cryptocurrency exchange, Binance, and its former CEO, Changpeng Zhao (CZ).

Lawsuit Overview: From Accusations to Settlement

In June 2023, the SEC launched a significant lawsuit against Binance, accusing it of operating an unregistered securities exchange, making false statements about trading controls, and engaging in serious violations such as the commingling of customer funds. At that time, the SEC specifically named several tokens, including BNB and BUSD, as "unregistered securities," claiming that Binance circumvented regulations through complex internal operations, harming investor interests.

In the same year, Binance also faced an investigation from the U.S. Department of Justice, ultimately leading to Zhao Changpeng admitting to violations of the Bank Secrecy Act and agreeing to pay over $4 billion in fines to reach a settlement. Subsequently, Binance strengthened its compliance measures, Zhao Changpeng resigned as CEO, and the exchange gradually moved towards more standardized operations. However, the SEC's civil lawsuit remained a Sword of Damocles, limiting Binance's further development in the U.S. market.

On May 29, 2025, the SEC, along with Binance, its U.S. subsidiary BAM Trading Services Inc., BAM Management US Holdings Inc., and Zhao Changpeng's representative lawyers, jointly submitted the "Joint Stipulation to Dismiss and Releases," clearly requesting the termination of the lawsuit. According to crypto journalist Eleanor Terrett, the SEC stated in the document that this dismissal is "final," meaning the SEC cannot file a lawsuit on the same case again.

New Chairman Takes Office: A Shift in Regulatory Direction

The background of this dismissal is closely related to the appointment of the SEC's new chairman, Paul Atkins. Atkins is known for his market-friendly approach and reducing "enforcement-style regulation." After taking office, he quickly adjusted the SEC's attitude towards the crypto industry. Recently, the SEC has consecutively dismissed lawsuits against crypto companies such as Coinbase, Uniswap, and OpenSea, indicating a fundamental shift in the regulatory agency's enforcement strategy in the crypto space.

Atkins' stance contrasts sharply with that of his predecessor, Gary Gensler. During Gensler's tenure, he was known for strict regulation, publicly criticizing the crypto industry for "widespread violations" and pressuring exchanges and project parties through lawsuits. In contrast, Atkins prefers to regulate the market through clear rules rather than frequent lawsuits. On the X platform, Binance's official account expressed high recognition of this, thanking Atkins and the "anti-enforcement-style regulation" policies promoted by the Trump administration, believing it has paved the way for U.S. crypto innovation.

Industry Impact: A Strategic Turning Point for BNBChain

X platform user @EnHeng456 pointed out that this is not only a turning point for the Binance brand but also a strategic opportunity for the BNBChain ecosystem. As the core public chain of Binance, BNBChain has been continuously expanding in the DeFi, NFT, and GameFi sectors in recent years, but the shadow of the SEC lawsuit has always limited its layout in the U.S. market. This dismissal undoubtedly injects a strong boost into BNBChain's globalization strategy, and its ecosystem projects are expected to usher in a new round of growth.

At the same time, the market's interpretation of the dismissal is not entirely optimistic. Some analysts believe that although the SEC has dismissed the lawsuit, its statement emphasizes that "this dismissal does not represent a position on other lawsuits or proceedings," meaning the regulatory agency may still take action against other crypto companies. Additionally, Binance still faces compliance pressures in markets outside the U.S., especially in parts of Europe and Asia, where regulatory scrutiny of crypto exchanges is becoming increasingly stringent.

Future Outlook: Balancing Compliance and Innovation

This dismissal has lifted a heavy regulatory burden from Binance but also reminds the entire crypto industry that compliance remains a core issue that cannot be ignored. Over the past two years, Binance has gradually rebuilt trust by introducing stricter KYC (Know Your Customer) and AML (Anti-Money Laundering) measures and cooperating with global regulatory agencies. Zhao Changpeng stated on the X platform, "This is not fear, uncertainty, and doubt (FUD), but a significant victory for the crypto industry."

For the entire crypto industry, the SEC's change in attitude may signal a clearer regulatory environment in the U.S. After Atkins took office, the market generally expects the SEC to accelerate the establishment of a clear regulatory framework for crypto assets, replacing the previous "enforcement-driven regulation" model. This will not only help protect investors but also provide a more stable development environment for crypto innovation.

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