In a rare moment of agreement, global crypto exchange Binance and the U.S. Securities and Exchange Commission (SEC) have jointly filed a motion to pause their ongoing legal battle for 60 days. The catalyst: Both sides anticipate a shift in regulatory dynamics with the launch of the SEC’s new crypto task force.
Filed on February 10, the joint motions seek a temporary halt to the high-profile litigation involving serious allegations of securities violations.
The motion cites that the establishment of the new crypto task force under SEC Commissioner Hester Peirce may “impact and facilitate the potential resolution of this case.”
If the pause gets approved, there’s a chance other crypto exchanges Ripple and Coinbase might take a similar tactic to deal with their own legal challenges against the SEC.
The joint motion is one of the significant moves under the leadership of Acting SEC Chair Mark Uyeda, pointing to a potential shift in the regulatory approach to embrace crypto under President Donald Trump's administration.
If granted, the pause would delay key motions, including Binance’s request to dismiss the SEC’s amended complaint.
“A brief stay will promote the efficient use of the court’s resources,” the joint motion reads.
After 60 days, both parties plan to submit a joint status report to determine whether further delays are warranted.
In June 2023, the SEC sued Binance and its co-founder Changpeng Zhao (CZ), accusing them of 13 violations of U.S. securities laws.
The SEC alleged that Binance and Zhao intentionally evaded U.S. securities laws, enriching themselves while placing investors’ funds at risk.
In November 2023, Zhao agreed to step down as CEO and plead guilty to U.S. DOJ, including money laundering, unlicensed money transmitting, and sanctions violations.
The exchange also pleaded guilty in the DOJ case and agreed to pay over $4 billion in fines. Zhao was sentenced to four months in prison in April 2024 and was released in September 2024.
Binance has been under increasing legal scrutiny from various regulators. But with the formation of the SEC’s crypto task force, many in the industry are hopeful that favorable changes will emerge.
Launched on February 4, the new crypto task force is given the responsibility of creating a clearer regulatory framework for digital assets, a space that has received high scrutiny from U.S. regulators under the Biden administration.
But keep in mind that Binance’s troubles extend beyond U.S. borders.
Last month, the French authorities launched a probe into the exchange for charges including money laundering, tax fraud, and drug trafficking.
The investigation, which started in 2023, has intensified, with France’s National Jurisdiction for the Fight against Organized Crime (JUNALCO) referring the case to the French judiciary for further probe.
Binance has denied the allegations, telling Decrypt those are "several years old" and that the company is committed to fighting any charges.
Edited by Stacy Elliott.
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