SEC Requests Stay in Binance Case
The SEC requested a 60-day stay in its lawsuit against cryptocurrency exchange Binance.
As previously covered, the SEC charged the Binance platform in May 2023 with (i) unlawfully offering exchange, broker-dealer and clearing agency services without registering with the SEC; (ii) engaging in unregistered offers and sales of crypto asset securities while depriving investors of material information regarding risks and trends affecting their investments; and (iii) making misrepresentations to investors while attracting "billions of dollars" in investor trading volume.
According to the joint motion filed in the US District Court for the District of Columbia, the SEC proposed the stay to Binance, and Binance agreed. The SEC noted the launch of its newly formed crypto task force which "may impact and facilitate the potential resolution of this case." (See related coverage.)
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