In a recent ruling, Judge Amy Berman Jackson has upheld significant claims brought by the U.S. Securities and Exchange Commission (SEC) against cryptocurrency giant Binance, while also dismissing some key allegations.

Judge Jackson’s decision, issued on June 28, denies Binance’s motion to dismiss several crucial charges, including those related to its staking program, the initial coin offering (ICO) of its BNB token, and allegations of anti-fraud violations. Additionally, the court ruled that the SEC’s claim regarding former CEO Changpeng Zhao's role as a "control person" will proceed, alongside the assertion that Binance should have registered under the Exchange Act.

However, the court did dismiss claims pertaining to the trading of BNB on secondary markets and sales associated with the Binance USD (BUSD) stablecoin. This decision drew upon precedent set in the SEC's case against Ripple, where similar claims were also dismissed.

"This ruling marks a significant development," commented finance lawyer Scott Johnsson, noting the impact on the SEC's enforcement efforts.

Despite these setbacks, the court also rejected the SEC’s allegations concerning Binance’s "Simple Earn" passive income feature. A further court hearing is scheduled for July 9 to address remaining issues.

The SEC initially filed suit against Binance in June 2023, accusing the exchange of offering unregistered securities and operating unlawfully within the U.S. market. Binance and Changpeng Zhao responded with a motion to dismiss the lawsuit three months later, arguing against the SEC's jurisdiction and authority.

In parallel legal developments, several U.S. states, including Alaska, Florida, Maine, and North Carolina, have taken action against Binance by either revoking or denying renewal of its money transmitter license.

Meanwhile, despite legal challenges, Binance continues to dominate as the world's largest cryptocurrency exchange, boasting over 200 million users and managing assets exceeding $100 billion.

This ruling sets a precedent likely to influence similar cases involving other major cryptocurrency exchanges such as Coinbase, Kraken, and Consensys, as they navigate their own legal landscapes.