Gensler said in a statement at the time that Binance and its founder, Changpeng Zhao, had engaged in an extensive “web of deception” while the SEC’s X account posted a graphic highlighting a key piece of evidence of alleged wrongdoing: a quote from Binance’s chief compliance officer saying to another employee in 2018, “We are operating as a fking unlicensed securities exchange in the USA bro.”.
“The SEC delaying what appears to be a slam dunk case in Binance while welcoming crypto’s return to its pre-FTX days is a bad omen for any other ongoing crypto litigation,” he said.
The regulator said the work of a new crypto task force launched by Acting Chairman Mark Uyeda that's supposed to improve ties to the crypto industry “may impact and facilitate the potential resolution of this case.”.
Legal experts said the pause in the Binance case could indicate similar changes in the SEC’s ongoing legal action against other crypto exchanges.
In a statement, Binance said the SEC’s case “has always been without merit” and praised Uyeda for “his thoughtful approach to ensuring digital assets receive the appropriate legislative and regulatory focus in this new, golden era of blockchain in the U.S. and around the world.”.
