As the SEC Binance case winds down, did the Binance claim already do the damage?

How did the decision by SEC Binance to close the Binance lawsuit coincide with Binance losing over 30% of its international trading volume between 2023 and April 2025? The SEC vs Binance battle fades as the SEC suit against Binance gets quietly buried. After almost two years of courtroom stress, regulatory examination, and public dispute, the U.S. Securities and Exchange Commission has officially withdrawn its civil claim against Binance and its founder, Changpeng ‘CZ’ Zhao. The 2023 Binance lawsuit became the most aggressive move in the SEC versus Binance program. The origins of the SEC’s case against Binance date back to June 2023, during a period when U.S. regulators had begun pursuing crypto enforcement more aggressively.

The SEC Binance suit is gone— the stress isn’t. Binance’s place in the U.S. crypto market has long been defined by limits and workarounds. Binance rebounded in 2023 by acquiring a licensed local exchange and launching Binance Japan under regulatory approval.