SEC, Binance Ask Judge to Extend Stay in Current Case
Previously, the parties asked the judge to suspend the proceedings for 60 days.
Author: Nikhilesh De , April 11, 2025, 9:05 PM
Lawyers for the U.S. Securities and Exchange Commission, along with Binance, asked a federal judge on Friday to extend the stay of the case for another two months, citing “productive discussions.”
The SEC filed suit against Binance in 2023, alleging that the exchange — along with its U.S. subsidiary and executives including former CEO Changpeng Zhao — violated federal securities laws by operating as an unlicensed clearinghouse, broker, and exchange. The regulator also alleged commingling and that trading volume on Binance.US was inflated. In February, after U.S. President Donald Trump returned to office and appointed Mark Ueda as acting commission chairman, the regulator requested a 60-day pause that was set to expire on Monday. The SEC cited the creation of a new crypto task force aimed at developing clearer guidance on how securities laws apply to digital assets as one of the reasons for its request for a pause.
In a statement Friday, lawyers involved in the case said the discussions focused on “how the cryptocurrency task force’s work might impact the SEC’s requirements” and requested another 60-day stay.
“Given these ongoing discussions and the time required for the staff to obtain the Commission’s approval required to confirm any resolution or modification of the terms of this litigation, the SEC has asked Defendants to agree to extend the current stay for an additional 60 days, and Defendants have agreed that an extension of the stay is reasonable and consistent with the interests of conserving litigation time,” the statement said.
