👨🏻‍⚖ THE SEC WITHDRAWS ITS LAWSUIT AGAINST BINANCE.

The U.S. Securities and Exchange Commission (the SEC) announced on Thursday to a court in Washington that it is withdrawing the lawsuit it filed against the cryptocurrency platform during Joe Biden's administration.

In a four-page document, the SEC requests that a case in which it had accumulated numerous indications of wrongdoing by Binance be dismissed.

U.S. regulators accused Binance, the largest cryptocurrency market in the world, of "diverting customer assets at will" and mixing them with others without any control, violating the law. The complaint indicated that it diverted billions of dollars from customers to a subsidiary called Merit Peak Limited, controlled by its founder and then-CEO, Changpeng Zhao, who was sentenced to four months in prison in another criminal case for allowing money laundering on his platform.

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