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SEC, Binance Ask Judge to Extend Pause in Ongoing Case
The parties previously asked a judge to pause the case for 60 days.
By Nikhilesh De
Apr 11, 2025, 9:05 p.m.
Attorneys for the U.S. Securities and Exchange Commission and Binance asked a federal judge on Friday to continue a pause in the regulator's case against the crypto exchange for another two months, citing "productive discussions."
The SEC sued Binance in 2023, alleging the exchange — alongside its U.S. affiliate and executives such as former CEO Changpeng Zhao — violated federal securities laws by operating as an unlicensed clearing agency, broker and exchange. The SEC also alleged commingling and that Binance.US's trading volume was manipulated. In February, after U.S. President Donald Trump retook office and appointed Commissioner Mark Uyeda as acting agency chair, the regulator asked for a 60-day pause in the case, which was set to expire on Monday. The SEC pointed to a newly created crypto task force aiming to draft clearer guidance around how securities law might apply to digital assets as part of its explanation for the requested pause.
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In Friday's filing, the attorneys involved said the discussions included "how the efforts of the crypto task force may impact the SEC's claims," and requested another 60 days' pause.
"In light of these continued discussions and the time required for the staff to seek authorization from the Commission as necessary to approve any resolution or changes to the scope of this litigation, the SEC requested that the Defendants agree to continue the current stay for an additional 60 days, and the Defendants agreed that continuing the stay is appropriate and in the interest of judicial economy," the filing said.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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