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The U.S. Securities and Exchange Commission (SEC) has announced the dismissal of its civil enforcement action against Binance and its founder Changpeng Zhao, as per a joint stipulation filed on May 29, 2025. The SEC stated that this dismissal, which is with prejudice, reflects its discretion and policy considerations. Importantly, the SEC clarified that this decision does not imply a stance on other legal issues involving the defendants. The case was originally filed in June 2023 and this dismissal marks a significant development in the ongoing regulatory scrutiny of cryptocurrency exchanges.
Statement Summary
The U.S. Securities and Exchange Commission (SEC) announced the dismissal of its civil enforcement action against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and founder Changpeng Zhao. This dismissal, filed on May 29, 2025, was made through a joint stipulation reflecting the SEC's discretion and policy considerations.
While the SEC has chosen to dismiss this case, it clarified that this decision does not indicate its stance on other legal matters involving the defendants.
Original Statement
Binance Holdings Limited; BAM Trading Services Inc.; BAM Management US Holdings Inc.; Changpeng Zhao
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26316 / May 29, 2025
Securities and Exchange Commission v. Binance Holdings Limited, et al., Case No. 1:23-cv-01599 (D.D.C. filed June 5, 2023)
The Securities and Exchange Commission today filed a joint stipulation with Defendants Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao to dismiss, with prejudice, the Commission’s ongoing civil enforcement action against them.
In the exercise of its discretion and as a policy matter, the Commission determined that the dismissal of this action is appropriate. Furthermore, as stated in the joint stipulation, “the Commission’s decision to seek dismissal of this Litigation does not necessarily reflect the Commission’s position on any other litigation or proceeding.”