However, citing the Ripple ruling, Judge Amy Berman Jackson rejected the SEC's argument that BNB being traded illegally on secondary marketplaces.

The US court has rejected Binance's attempts to have the majority of the accusations brought against it by the nation's securities regulator dismissed.

Judge Amy Berman Jackson announced in a June 28 court filing that claims concerning Binance's staking scheme, the sale of BNB following its initial coin offering, and anti-fraud offenses will go on.

The security regulator will also pursue its allegations that Binance was required to register under the Exchange Act and that former CEO Changpeng "CZ" Zhao behaved as a "control person."

The Securities and Exchange Commission (SEC) did not, however, win all of their cases; in the end, Jackson dismissed all of the charges pertaining to sales of the Binance USD (BUSD) stablecoin and BNB secondary market.

Jackson's decision to reject the SEC's BNB secondary market sales claim was justified by citing Judge Analisa Torres' judgment in the SEC's action against Ripple.

Scott Johnsson, a finance lawyer, was caught off guard and called it a "huge loss" for the securities authority.

Eleanor Terrett of Fox Business reports that attorneys for Coinbase, Kraken, and Consensys are anticipated to "use this opinion to bolster their positions in their own litigations."

Jackson also refuted the SEC's allegations regarding "Simple Earn," a feature of Binance that generates passive revenue.

Jackson set July 9 for the court date.

In June 2023, the SEC, led by Gary Gensler, filed a lawsuit against Binance, alleging that the company was operating illegally in the US and that it sold unregistered securities.

About three months later, Binance and CZ filed a motion to dismiss the SEC action, claiming the SEC had overreached its legal bounds.

Related: India's Financial Intelligence Unit fines Binance $2.25 million

Alaska, Florida, Maine, North Carolina, and other seven U.S. states have either canceled or refused Binance's request to renew its money transmitter license.

CZ is presently serving a four-month prison sentence for breaking laws against money laundering.

Despite the legal dispute, Binance continues to be the biggest cryptocurrency exchange globally, boasting 200 million customers and $100 billion in managed assets.