The US Securities and Exchange Commission (SEC) has allowed a lawsuit against Binance, the world’s largest cryptocurrency exchange, to proceed in part.

The lawsuit alleges that Binance and its founder, Changpeng Zhao, violated securities laws, including falsifying trade volume figures, stealing customer cash, and misleading investors about market surveillance measures.

The judge’s decision is a partial win for the cryptocurrency industry, as it agrees that tokens traded on exchanges by sellers other than Binance are not securities.