Binance, SEC Seek Settlement in High-Stakes Crypto Case

Binance and the U.S. Securities and Exchange Commission (SEC) have moved to halt their ongoing case, seeking an early resolution. In a court filing on Monday, both parties, along with Binance's former CEO Changpeng Zhao (CZ), requested a 60-day stay to facilitate a potential settlement and conserve resources.

The case, which began in 2023, saw the SEC sue Binance, BAM Management (the operating company for Binance U.S.), and CZ for allegedly violating securities laws. The newly launched Crypto Task Force, established by SEC Acting Chairman Mark T. Uyeda on January 21, could play a role in facilitating a resolution. The task force aims to develop a regulatory framework for crypto assets.

A Binance spokesperson expressed gratitude towards Interim Chairman Uyeda for his approach to digital assets and regulatory focus. They also emphasized that the SEC's case was without merit and that Binance is eager to resolve the issue to maintain its focus on security, licensing, and trust.

Major crypto companies have been advocating for less regulation by enforcement. The crypto world has seen a shift with former SEC chair Gary Gensler stepping down and President Donald Trump issuing an executive order calling for crypto-friendly policies.