Legal dismissal process, political context, and policy shifts

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The U.S. Securities and Exchange Commission and Binance jointly requested that the SEC’s 2023 civil lawsuit against Binance, Binance.US, and founder Changpeng Zhao be dismissed with prejudice, which would permanently bar the agency from refiling the same charges.
The SEC’s May 2025 dismissal motion in its lawsuit against Binance includes provisions to prevent Binance, Binance.US, and founder Changpeng Zhao from pursuing legal claims against the SEC related to the same enforcement action filed in June 2023.
Binance.US is subject to a consent decree that mandates quarterly compliance reports and third-party audits of custodial wallets.
Binance.US publicly responded to the SEC’s May 2025 dismissal of its 2023 enforcement case by reaffirming that the company had not violated U.S. securities laws and describing the dismissal as a major milestone.
The U.S. Securities and Exchange Commission would need to file a new complaint to pursue any future enforcement following the dismissal of its 2023 lawsuit against Binance in May 2025.
The SEC’s withdrawal of its lawsuit against Binance in May 2025 reflects a broader policy shift under the Trump administration, which has led to the dismissal of multiple high-profile crypto enforcement cases initiated in previous years.

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