The U.S. Securities and Exchange Commission (SEC) and crypto exchange Binance have jointly requested a 60-day pause in their legal battle, citing progress in settlement discussions.
Request for Pause in Legal Proceedings
The SEC and Binance have filed a request in court to pause the proceedings for 60 days. In their filing, the parties indicated that they have had constructive discussions, and believe that a continued pause would be beneficial to negotiate and obtain necessary approvals.
Binance's Legal Troubles
Since its establishment in 2023, Binance has faced numerous legal challenges. The SEC accused Binance of operating without registration as a clearing agency, broker, and exchange through its U.S. affiliate, as well as misusing customer assets and altering trading volumes on its platform.
Ripple and SEC Case Developments
In another related development, Ripple Labs and the SEC are drawing closer to the end of their legal battle. Both parties have filed cross-motions to stay their appeals pending the settlement of the case.
The request for a pause in the legal proceedings between the SEC and Binance highlights the ongoing regulatory dynamics of the crypto industry, with cases like Ripple also signaling a steady movement toward resolution of legal issues in the realm of digital assets.
