The SEC withdraws the lawsuit against Binance and CZ ☺️

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit in June 2023 against the world’s largest cryptocurrency exchange Binance and its founder Changpeng Zhao (CZ) with a total of 13 severe charges.

The main charges included operating an exchange without registration, acting as a broker, committing deceptive practices against investors, and failing to properly segregate customer assets.

As a result, CZ had to resolve matters separately with the SEC, the U.S. Department of Justice (DOJ), and the U.S. Financial Crimes Enforcement Network (FinCEN), and in November 2023, he pleaded guilty to charges related to financial misconduct and was sentenced to 4 months in prison.