The lawsuit, launched in 2023, was one of the SEC’s last ongoing crypto enforcements. Two years after legal proceedings began, the SEC has formally dropped its lawsuit against Binance, the world’s largest crypto exchange. It was one of the US government’s final ongoing actions against crypto companies.

The SEC's about-turn came after Donald Trump retook office as the U.S. President, appointing Commissioner Mark Uyeda as acting chair and nominating Paul Atkins to be the agency's full chair. Atkins was confirmed and sworn into office last month.

The regulatory agency has been winding down Biden-era enforcement actions against crypto firms during the Trump administration.