On Thursday, the U.S. Securities and Exchange Commission voluntarily dropped its civil case against Binance, the world's largest cryptocurrency exchange, reflecting a shift in the regulatory agency's approach under the new Trump administration.

The agency dropped its case against Binance and its founder Changpeng Zhao with a ban on refiling, meaning it cannot pursue the case again.

The regulatory agency, under the leadership of former Chair Gary Gensler, had filed a lawsuit against Binance and Zhao in June 2023 on charges of artificially inflating trading volumes, misappropriating customer funds, and facilitating the trading of several cryptocurrencies that should have been registered as securities illegally.

This case was separate from Binance's guilty plea in November 2023, which resulted in a $4.32 billion fine imposed on the platform for violating federal anti-money laundering laws. Zhao served a four-month prison sentence.

Binance Coin (BNB) did not show a significant response to the SEC news, as it fell by 1.1% to $674.20.