During the proceedings between the US Securities and Stock Exchange Commission (SEC) and the crypto currency exchange Binance, the current pause was requested to extend two months on the grounds that the discussions of the parties were efficient. In the case filed by the SEC in 2023, it was claimed that Binance and its affiliated organizations operate as unlicensed and violated the laws of federal securities.
Binance case
SEC claims that managers such as the US subsidiary of Binance and former CEO Changpeng Zhao operate as an unlicensed broker and stock market. In addition, it was suggested that the mixing of assets and the transaction volume on the Binanceus platform were manipulated. In addition to its claims, SEC also draws attention to the crypto task force created to provide clear guidance to whether crypto assets will be covered by the law of securities.
Binance case process
The case came to the agenda by the SEC request for a 60 -day pause by the SEC after the US president and changes in the management of the SEC. Efficient negotiations on how the work of the newly established crypto task force will affect SEC’s claims indicate the importance of the ongoing process. In the relevant documents, the parties agreed that the current pause will contribute to judicial efficiency.
While examining the files related to the case process, it was emphasized that the relevant legal consultants were concluded. The parties demanded additional time for the negotiations to continue and to obtain the necessary authorization.
“These ongoing discussions and the time required for the personnel to get authority from the Commission to get any solution or amendment within the scope of this case, led us to demand another 60 -day postponement. The defendants agreed that the continuation of the postponement was appropriate and for the benefit of the judicial economy.” – SEC officials
The related file includes the details of the discussions and the regulatory developments put forward, while information is given about the general course of the case. SEC said that he believes that the process will be carried out in a healthier way with additional time request.
The sensitivity and scope of the negotiations between the parties is seen to affect the path followed by national regulatory institutions under the supervision of crypto assets. Long -term negotiations are expected to closely concern the progressive stages of the process.
The parties in the case process seem to have a common opinion that the existing pause can contribute positively to the judicial efficiency in the light of the negotiations and regulatory arrangements evaluated. New developments and decisions to be taken are the determinant for the sector and investors.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
