The U.S. Securities and Exchange Commission and crypto exchange Binance have jointly asked a federal judge to extend the ongoing pause in their legal battle by another 60 days. This request marks a surprising turn in the high-profile case, which has seen little public movement since February.
In the latest court filing submitted on Friday, both parties confirmed they are engaged in ongoing discussions. These talks are reportedly connected to the SEC’s newly formed crypto task force, which is working to clarify how securities laws apply to digital assets.
A 2023 legal complaint against Binance and its U.S. affiliate as well as former CEO Changpeng Zhao alleged breaches of securities laws. The lawsuit alleges multiple violations which include operating without proper registration and mixed customer funds as well as manipulated trading volume controls on Binance.US.
Also Read: Crypto Market Brief: OM Collapse, Bitcoin Holds, Metaplanet Adds to BTC Reserves
While no new details have been released about the substance of the discussions, the timing of the request has raised fresh questions. Legal authorities issued the temporary stop to enable the crypto task force sufficient time to create guidance that influenced potential case outcomes.
Two legal teams from each side sought an additional postponement of the proceeding immediately before the 60-day pause deadline was about to expire. Court documents show discussions have engaged with the task force’s work impacts on SEC litigation.
Talks Behind Closed Doors Raise Questions About Case Direction
The filing stated that additional time is needed for the SEC to seek approval from the Commission if any resolution or narrowing of the case is proposed. Binance’s legal team agreed, saying that continuing the stay would serve the interest of judicial efficiency.
While no new details have been released about the substance of the discussions, the timing of the request has raised fresh questions. The alignment between both parties and the secrecy around the task force’s role have fueled speculation about possible developments behind the scenes.
The court has not yet issued a verdict regarding the request for extension. The joint agreement indicates that significant changes are likely to occur in one of the SEC’s most monitored cryptocurrency investigations.
Conclusion
The unexpected push to extend the case pause adds a new layer of uncertainty. With key decisions still being shaped behind closed doors, the future of the SEC’s lawsuit against Binance remains unclear.
Also Read: XRP Rich List Update: New Largest Single Wallet Holder Emerges, See How Much it Has
