Binance must face bulk of US SEC crypto lawsuit, judge rules

FILE PHOTO: Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - A federal judge ruled late Friday that the majority of a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance, the world's largest cryptocurrency exchange, can proceed.

The decision by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia deals a blow to Binance, which had asked the court to toss the SEC's lawsuit that alleges Binance and its founder and former CEO Changpeng Zhao broke securities laws.