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by Mike Caswell

The U.S. Securities and Exchange Commission has dropped its case against cryptocurrency exchange Binance Holdings Ltd. and its Canadian founder, Changpeng Zhao, over the firm's operation as an unregistered exchange. The SEC previously claimed that Binance had improperly served U.S. investors with no oversight or controls over billions of dollars in assets. The exchange had handled as much as $9.58-trillion in trading, according to the SEC.

The end of the case is contained in a joint stipulation that the SEC released on Thursday, May 29. The document is mostly awash in legalese, but it does state that the SEC is developing a regulatory framework for crypto assets. In light of the regulator's work in that regard, "and in the exercise of its discretion and as a policy matter, the Commission believes the dismissal of this Litigation is appropriate," the stipulation reads. The brief document is signed on behalf of the six SEC lawyers who were working on the case and the 15 lawyers who were working on behalf of the defendants.

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