Regulation
US SEC Case Against Binance Paused as Crypto Task Force Reviews Rules
A U.S. federal judge has paused the Securities and Exchange Commission’s (SEC) lawsuit against Binance for 60 days. The decision follows a joint request from both the SEC and Binance, citing the establishment of a new task force to review cryptocurrency regulations.
Judge Grants 60-Day Pause in Binance Case
U.S. District Judge Amy Berman Jackson approved the request to put the case on hold. The order was issued after both parties stated that the new SEC task force may influence the resolution of the lawsuit.
The SEC sued Binance and its founder, Changpeng Zhao, in June 2023. The regulator alleged that Binance inflated trading volumes, diverted customer funds, and misled investors about its compliance measures. Zhao later pleaded guilty to separate criminal charges and stepped down as CEO.
The judge also ordered the SEC and Binance to submit a joint status report by April 14. The report will help determine whether the pause should continue or if legal proceedings should resume.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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