Binance-SEC Legal Case Paused as New Crypto Task Force Takes Over
A Washington district judge has approved a request from the U.S. Securities and Exchange Commission (SEC) and Binance to pause their legal battle for 60 days.
Judge Amy Berman Jackson of the District of Columbia granted the request, which was jointly filed by the SEC, Binance, and the company’s former CEO, Changpeng Zhao.
The SEC’s 2023 lawsuit accused Binance of operating as an unregistered broker in violation of federal securities laws. At the same time, the Department of Justice charged the company with violating the Bank Secrecy Act. Binance and Zhao settled with the DOJ, agreeing to a record $4.3 billion fine. Zhao also served four months in federal prison.
The SEC and Binance requested the pause, citing recent leadership changes at the SEC. Both parties believe the dispute could be resolved through the agency’s newly formed Crypto Task Force.
The task force was created by Acting SEC Chair Mark Uyeda after President Donald Trump took office. Hester Peirce, a commissioner known for her pro-crypto stance, is leading the initiative.
“The journey begins now,” Peirce stated, emphasizing that meme coins and most crypto tokens likely fall outside the SEC’s jurisdiction.
Under President Trump, regulatory agencies like the SEC are shifting toward clearer guidelines for digital assets. This new approach may pave the way for broader crypto adoption.