Bank and SEC File a Joint Motion to Interrupt the Case for 60 Time.

Global crypto exchange Binance and the U.S. Securities and Exchange Commission ( SEC ) have filed a joint motion to halt their ongoing legal battle for 60 days in a rare instance of agreement. With the introduction of the SEC’s new crypto work force, both parties anticipate a change in regulatory relationships.

The combined gestures, which were filed on February 10, ask for a temporary stop to the well-known case involving serious claims of securities violations.

The new bitcoin task force, headed by SEC Commissioner Hester Peirce, does “impact and help the possible resolution of this case,” according to the motion.

If the delay is approved, Ripple and Coinbase could use a similar strategy to deal with their own legal disputes with the SEC.

Under President Donald Trump’s administration, the combined activity is one of the important moves under the command of Acting SEC Chair Mark Uyeda, which could lead to a possible change in the regulatory framework for accepting crypto.

If granted, the pause did wait vital motions, including Binance’s demand to reject the SEC’s amended problem.

” A short stay may promote the effective use of the court’s assets”, the joint action reads.

Both parties intend to send a combined status report after 60 days to decide whether additional delays are necessary.

In June 2023, the SEC sued Binance and its co-founder Changpeng Zhao ( CZ), accusing them of 13 violations of U. S. securities laws.

According to the SEC, Binance and Zhao allegedly intentionally evaded the country’s securities legislation, generating income for themselves while putting the money of buyers in danger.

In November 2023, Zhao agreed to step down as CEO and plead guilty to U. S. DOJ, including money laundering, unregulated money receiving, and sanctions violations.

Additionally, the exchange agreed to pay more than$ 4 billion in fines and entered a guilty plea in the DOJ case. Zhao was released in September 2024 after serving a four-month jail sentence in April 2024.

Binance has been undergoing more stringent legal attention from numerous officials. Many in the business are optimistic that positive changes may result from the SEC’s development of the crypto task force, though.

The new crypto work force, which was established on February 4, will be responsible for developing a more stringent regulatory framework for modern assets, a subject that has drawn intense scrutiny from U.S. regulators since the Biden administration.

But keep in mind that Binance’s problems extend beyond U. S. edges.

Next month, the French government launched a probe into the trade for charges including money laundering, tax scams, and drug trafficking.

The investigation, which started in 2023, has intensified, with France’s National Jurisdiction for the Fight against Organized Crime ( JUNALCO ) referring the case to the French judiciary for further probe.

Binance has refuted the allegations, telling that the firm is” committed to fighting any fees,” and that the company is” some years old.”