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Binance plans to seek dismissal of CFTC complaint

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Binance wants to seek dismissal of the U.S. CFTC’s lawsuit against it, as per a 24 July filing to an Illinois District Court.

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  • The filing did not list any of Binance’s arguments.
  • CFTC filed a lawsuit against Binance in March, alleging the exchange intentionally violated U.S. laws.

Leading crypto exchange Binance [BNB] intends to seek dismissal of the U.S. Commodity Futures Trading Commission’s (CFTC) lawsuit against it, as per a 24 July filing to an Illinois District Court.

As per the court documents, Binance is planning to file two separate motions that seek to dismiss the CFTC’s complaint before 27 July.

The CFTC launched a lawsuit against the exchange and its CEO Changpeng “CZ” Zhao in March. The Commission claimed that although Binance blocked U.S. residents from trading on its platform, it purposefully allowed transactions in multiple cryptocurrencies for those customers. The exchange intentionally violated U.S. laws and failed to properly register with the regulator.

The CFTC labelled the exchange’s compliance process a “sham.” The regulator claimed that the exchange purposefully conducted its activities outside of the U.S. It asked its executives to obscure their locations to evade U.S. regulations.

In its latest court filing, Binance also requested an expansion of the 15-page limit on the brief that will support its motion. Given the complexity of the lawsuit, the exchange requested for the page limit to be allowed up to 50 pages. It claimed that the CFTC’s counsel didn’t oppose this request.

The filing did not list any of Binance’s arguments.

Binance battles a flurry of lawsuits in the U.S.

Binance was facing another lawsuit in the U.S. filed by the Securities and Exchange Commission (SEC). The regulatory body alleged that the exchange was offering unregistered securities to the users in the U.S.

The local entity of Binance and the SEC reached an agreement, according to which only the U.S.-based staff of the exchange would control the branch’s assets and servers.

In addition, the exchange is also facing an investigation at the hands of the U.S. Department of Justice. The complaint says that Binance allowed Russians to use the platform, thereby violating U.S. sanctions.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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