A federal judge is set to weigh in on Binance’s request for a two-month extension of the pause in its ongoing case with the U.S. Securities and Exchange Commission, citing ‘productive discussions’ with a newly created crypto task force.
The U.S. Securities and Exchange Commission (SEC) and Binance have asked a federal judge to extend the pause in their ongoing case for another two months, citing ‘productive discussions’ with a newly created crypto task force.
The Binance SEC case refers to a series of investigations and regulatory actions taken by the US Securities and Exchange Commission (SEC) against Binance, one of the world's largest cryptocurrency exchanges.
In 2022, the SEC charged Binance with operating an unregistered securities exchange and violating anti-money laundering laws.
The agency also accused Binance of failing to disclose its ownership structure and misrepresenting its trading volumes.
The case has significant implications for the crypto industry, highlighting concerns over regulatory compliance and investor protection.
In 2023, the SEC sued Binance, alleging that the exchange violated federal securities laws by operating as an unlicensed clearing agency, broker, and exchange. The regulator also alleged commingling and that Binance.US‘s trading volume was manipulated. The case has been ongoing since then.
The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance, alleging that the cryptocurrency exchange failed to register with the agency as required by law.
The SEC claims that Binance offered trading in digital assets that are securities without registering with the commission.
This move has significant implications for the crypto industry, highlighting the need for regulatory clarity and compliance.
In February, after U.S. President Donald Trump retook office and appointed Commissioner Mark Uyeda as acting agency chair, the SEC asked for a 60-day pause in the case, which was set to expire on Monday. The regulator pointed to a newly created crypto task force aiming to draft clearer guidance around how securities law might apply to digital assets as part of its explanation for the requested pause.
The attorneys involved in the case have now filed a request with the judge to continue the pause for another 60 days. According to their filing, these discussions included ‘how the efforts of the crypto task force may impact the SEC’s claims,’ and requested an additional 60-day stay. The defendants agreed that continuing the stay is appropriate and in the interest of judicial economy.
The judge will now weigh in on the request for an extension, considering the arguments presented by both sides. The outcome of this decision will have implications for Binance‘s ongoing case with the SEC.
The Binance-SEC controversy refers to the regulatory scrutiny faced by Binance, one of the world's largest cryptocurrency exchanges.
In 2022, the US Securities and Exchange Commission (SEC) launched an investigation into Binance's operations, alleging potential securities law violations.
The SEC is concerned about Binance's unregistered sales of digital assets, including its native token, BNB.
The controversy highlights the growing regulatory attention on crypto exchanges and the need for clear guidelines on digital asset offerings.
- coindesk.com | SEC, Binance Ask Judge to Extend Pause in Ongoing Case
