Binance and its co-founder Changpeng Zhao (CZ) requested the dismissal of the lawsuit filed by the CFTC on Thursday, July 27.
Popular cryptocurrency exchange Binanceand co-founder CZ requested the dismissal of the lawsuit filed on Thursday, July 27 by the United States Commodities and Futures Trading Commission (CFTC). Legal representatives of Binance and CZ submitted the motion. The case was dismissed in Chicago court.
Attorneys in final court filings CFTC accused of overstepping its regulatory authority and entering into regulatory overreach. He also pointed out that the CFTC is trying to regulate foreign individuals and companies operating outside of the United States, that this goes beyond the limits of its legal authority and interferes with the authorities.
According to the application, CFTC The first charge brought by the court is that several cases dealt with in the case are not relevant and some charges do not meet the required legal standards. Additionally, Binance is exempt from the Commodity Exchange Act ( CEA), the seventh accusation against him for fleeing, used statements that should be dismissed as the agency itself failed to meet the requirements for such an accusation, as alleged in the file.
