SEC and Binance Postpone Legal Proceedings for an Additional 60 Days

Highlights:

• The US SEC and Binance have agreed to pause legal proceedings for another 60 days.
• Both parties believe the extension was in everyone’s interest.
• They also agreed to reach an agreement as soon as possible without complications.

According to a new court filing, the United States Securities and Exchange Commission (SEC) and leading crypto exchange Binance have agreed to pause their legal dispute for another 60 days. The pause would further delay the ongoing court case that began about two years ago.

Renowned Fox Business journalist Eleanor Terrett tweeted an image of the court filing on April 11. In the X post, she noted that both parties have had productive discussions, partly tied to the Crypto Task Force’s work. She added that the pause was in everyone’s interest.

According to the court document, the SEC and Binance discussions have mainly focused on how the Crypto Task Force would influence the case’s outcome. The regulatory watchdog also noted that it needed more time to secure the commission’s approval to adjust the case’s direction.

🚨NEW: The @SECGov and @binance have jointly asked the court to pause the case against the exchange for another 60 days. According to a recent filing, they’ve had “productive” talks, partly tied to the Crypto Task Force’s work, and say a continued pause is in everyone’s best… pic.twitter.com/0vH5MiE8wr

— Eleanor Terrett (@EleanorTerrett) April 11, 2025

Earlier Legal Dispute Pause in February

This isn’t the first time the SEC and Binance have agreed to delay court proceedings by two months. In February, both parties asked the court to pause the case for 60 days, citing the establishment of the new Crypto Task Force by one of the SEC’s commissioners, Hester M. Peirce.

They believe the task force could influence the court case’s outcome. Meanwhile, February’s extension deadline was set to expire on April 14, 2025. However, with the new extension, the legal proceedings will continue from around mid-June 2025.

An Overview of the June 2023 SEC Vs. Binance Legal Dispute

The SEC sued Binance and Changpeng Zhao for breaking several securities laws. According to the SEC, Binance’s alleged violations include operating as an unregistered exchange, broker, and clearing agent. The SEC added that since 2017, Binance has earned roughly $11.6 billion in revenue from US customers.

The SEC allegations also claimed that Binance offered US customers unregistered offerings like BNB, BUSD, and crypto-lending products known as “Simple Earn” and “BNB Vault.” In addition, the SEC claimed Binance misled investors into believing the exchange would protect them against manipulative trading.

In response, Binance has denied all these allegations and has called for clearer regulatory guidelines. The overhaul in the SEC leadership could be a turning point in the legal dispute between these parties. Moreover, the US Senate has endorsed Donald Trump’s nominee, Paul Atkins, to become the new SEC chairman following a 52-44 polling outcome. Atkins will replace Gary Gensler as the permanent SEC chairman. His tenure will begin once Donald Trump signs off on his senatorial approval.

🚨JUST IN: In a 52-44 vote, the Senate has confirmed Paul Atkins to be the next chair of the Securities and Exchange Commission. https://t.co/jNY1C66FE4

— Eleanor Terrett (@EleanorTerrett) April 9, 2025

Renowned for his pro-crypto stance, the incoming SEC chairman voiced a strong desire to promote crypto in the US.

At his confirmation hearing, Atkins stated:

“A top priority of my chairmanship will be to work with my fellow commissioners and Congress to provide a firm regulatory foundation for crypto through a rational, coherent, and principled approach.”

In other related news, the SEC dismissed its case against Nova Labs over the Helium tokens, HNT, MOBILE, and IOT. The regulatory watchdog announced its decision to end the lawsuit via an April 10 press release. According to the publication, the SEC dismissed the case with prejudice, implying that it cannot bring up similar charges in the future.