In a recent development, a US judge has allowed the Securities and Exchange Commission (SEC) to proceed with its lawsuit against Binance and its founder Changpeng Zhao (CZ). The lawsuit, filed last year, accuses Binance and CZ of mishandling customer funds, misleading investors and regulators, and violating securities laws. The judge's decision is a significant blow to Binance and CZ, who had attempted to dismiss the claims.

The SEC's lawsuit is part of a larger effort to establish cryptocurrencies as securities that fall under the agency's jurisdiction. The case has drawn attention from the crypto industry and Congress, with many criticizing the SEC for overreaching. Despite this, the agency remains determined to regulate the crypto market, and its lawsuit against Binance and CZ is a key part of this effort.

The judge's decision allows 10 out of 13 counts in the lawsuit to proceed in their entirety, while two counts can proceed partially. One count, related to the sale of Binance's stablecoin BUSD, was dismissed entirely. The ruling is a significant development in the case, and it remains to be seen how Binance and CZ will respond.

Binance and CZ have been accused of violating securities laws by mishandling customer funds and misleading investors and regulators. The SEC claims that Binance's actions have caused harm to investors and have undermined trust in the crypto market. Binance and CZ have denied any wrongdoing and have argued that the SEC's claims are unfounded.

In conclusion, the judge's decision to allow the SEC's lawsuit against Binance and CZ to proceed is a significant development in the case. The ruling has implications for the crypto industry as a whole, and it remains to be seen how Binance and CZ will respond to the allegations. As the case moves forward, it is clear that the SEC is determined to regulate the crypto market and establish cryptocurrencies as securities that fall under its jurisdiction.