A federal judge in the District of Columbia, Amy Berman Jackson, has dismissed several charges brought by the U.S. Securities and Exchange Commission (SEC) against Binance Holdings Limited and its founder, Changpeng Zhao (CZ). The dismissed charges primarily relate to the secondary market sales of Binance's BNB token, which the judge ruled do not qualify as securities under the Howey test. This decision follows a similar ruling in the Ripple case. However, the judge allowed the bulk of the SEC's case to proceed, including charges related to Binance's initial coin offering (ICO), ongoing sales of BNB, BNB Vault, staking services, Simple Earn, failure to register, and fraud charges. This ruling marks a significant development in the ongoing legal battles between the SEC and major cryptocurrency exchanges.
