The SEC and Binance filed a joint motion to pause their lawsuit for 60 days. They requested a prior pause 60 days ago and have “been in productive discussions” since then.
Both parties have asked for more time to finalize an agreement and consider all the relevant policy implications. In the main, however, it’s a substantially similar agreement to the one between the SEC and Ripple yesterday.
Binance and SEC Discussing a Settlement
The SEC has been dropping a lot of its most prominent enforcement actions lately, such as its lawsuit against Ripple. Still, despite this progress, a few outstanding cases remain.
The SEC has been ending lawsuits against prominent exchanges like Coinbase and Kraken, and now it’s preparing to drop one against Binance:
“Pursuant to the Court’s February 13, 2025 Minute Order, Plaintiff Securities and Exchange Commission and Defendants Binance Holdings Limited… and Changpeng Zhao submit this joint status report and jointly move to continue to stay this case for a period of 60 additional days,” a motion filed today read.
Binance is the world’s largest crypto exchange, and it has been engaged in this fight since 2023. The SEC sued Binance in June of that year, alleging that it committed a few serious crimes.
In addition to violating securities laws, the Commission also claims that Binance deliberately lied to regulators. This caused serious problems for its business, prompting a lengthy battle.
The SEC, however, is under new management now. Paul Atkins is the Commission’s new Chair, and he’s prioritized friendly crypto regulation.
Before his confirmation, the SEC, under Acting Chair Mark Uyeda, filed a joint request with Binance to pause the lawsuit 60 days ago, and they’re asking for another extension.
Today’s filing is slightly shorter than the previous one, but it suggests that real progress has been made. It claims that Binance and the SEC “have been in productive discussions” concerning the Crypto Task Force and broader policy implications of a settlement. However, they still need more time to fully consider a resolution.
This agreement is similar to the one filed yesterday. Specifically, the Commission also requested a 60-day pause in a cross-appeal from Ripple, attempting to tie up loose ends without wasting the court’s resources.
There are a few subtle differences, but Binance’s filing with the SEC attempts to meet the same basic goals.
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