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Binance and SEC Seek Delay in Legal Battle as New US Crypto Policy Develops

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Binance and the U.S. Securities and Exchange Commission (SEC) have jointly requested a 60-day pause in the SEC’s lawsuit against the crypto exchange. This motion, filed on Monday, comes amid the formation of a new SEC task force aimed at regulating the cryptocurrency industry, which may influence the outcome of the case.

The stay request marks a shift away from the SEC’s aggressive crypto enforcement under previous Democratic leadership. The task force, launched last month, is expected to play a role in shaping regulations that could impact the resolution of ongoing cases, including Binance’s. This development is seen by some as a sign of the SEC’s potential pivot toward a more crypto-friendly stance, aligning with President Donald Trump’s vision to establish the U.S. as a global leader in the crypto space.

The SEC’s ongoing lawsuit, filed in June 2023, accuses Binance and its founder, Changpeng Zhao, of inflating trading volumes, diverting customer funds, and misleading investors regarding market surveillance controls. Binance has consistently denied the charges, claiming the case is without merit. The company is eager to resolve the matter and focus on maintaining its position as a secure and trusted exchange.

While the SEC has declined to comment beyond the court filing, the motion reflects broader changes at the agency, including a shift in leadership priorities under President Trump’s administration. At a Federalist Society event, SEC Commissioner Hester Peirce criticized the previous approach of using enforcement to set policy, suggesting that a new direction was needed.

Some critics, however, view the stay as a sign of the SEC’s shifting stance on crypto. Former SEC official Corey Frayer expressed concern, arguing that delaying the case could signify the agency’s failure to uphold its duties in protecting investors and enforcing securities laws.

Binance’s legal troubles have also included an admission in November 2023 that the exchange violated anti-money laundering laws, with Zhao serving prison time for related charges. Despite these issues, the overall approach to crypto regulation has shifted sharply since President Trump took office, with the administration making efforts to position the U.S. as a more crypto-friendly environment.

BestChange Unclear on Reason for Russia Block, Seeks Resolution with Central Bank

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Cryptocurrency exchange platform BestChange has expressed uncertainty over why its website was blocked by Russia’s communications watchdog, Roskomnadzor. The platform is currently in contact with the central bank to understand the reason behind the block and work on lifting it.

BestChange confirmed that its website, bestchange.ru, had been restricted in Russia, but noted that it was unclear why the ban was imposed. “Unfortunately, we cannot account for the exact reason why this has happened,” the platform said in a statement late Monday. It further added that it was in communication with the central bank to identify the cause and engage with the regulator to resolve the issue.

Roskomnadzor’s official website listed BestChange as a blocked site, and Russian news agency RIA reported that the ban was linked to alleged violations in the financial sector. However, Roskomnadzor did not immediately respond to inquiries seeking more details.

The platform speculated that recent changes in Russian cryptocurrency regulations could be a factor in the restriction, or there could be issues involving an entity using its services. Last year, Russia legalized cryptocurrency mining and introduced taxation measures, expecting to generate up to 200 billion roubles ($2 billion) annually from miners. Although cryptocurrency mining was legalized, certain Siberian regions have faced restrictions to prevent power shortages. Furthermore, Russia has permitted businesses to use cryptocurrencies for international trade, an effort to circumvent Western sanctions that have caused delays in payments. However, a trial period for this new approach has not yet begun.

Central African Republic Launches Meme Coin ‘Experiment

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The Central African Republic (CAR) has unveiled its own meme coin, a move President Faustin-Archange Touadera described as an effort to raise the country’s profile globally. The announcement was made on X (formerly Twitter) late on Sunday, almost three years after CAR became the first African country, and only the second in the world after El Salvador, to adopt bitcoin as legal tender.

Meme coins, which are typically crypto tokens inspired by internet trends or memes, are known for their high volatility and limited practical use. Last month, U.S. President Donald Trump launched a meme coin, $Trump, which briefly surged in value to over $14.5 billion before seeing a significant decline.

Despite its rich reserves of gold and diamonds, CAR remains one of the world’s poorest countries, plagued by ongoing rebel violence and underdevelopment. President Touadera emphasized that the $CAR meme coin is an “experiment” aimed at demonstrating how something as simple as a meme can unite people, promote national development, and enhance CAR’s visibility on the global stage.

The $CAR token was valued at $0.22 on Monday morning, according to CoinGecko. However, a separate account dedicated to updates on $CAR was suspended by X as of Monday, with the government working to restore it.