Binanceand its CEO changpeng Zhaoplans to file a petition seeking dismissal of the US commodity regulator’s lawsuit.
on July 24 CZand Compliance Director, Samuel Lim, in his filing with the Illinois District Court said they plan to file two separate petitions to dismiss the complaint. Binance Their organization and CZ plan to submit a joint motion to dismiss the complaint. Lim plans to submit a separate motion to dismiss the complaint and combine parts of the motion submitted by CZ.
Binance, CZ and CFTC triangle heats up
Binance requests permission to exceed a 15-page limit in the brief that will be used to support its motion. The exchange also asked for the summary to be up to 50 pages, citing the complexity of the Commodity Futures Trading Commission’s lawsuit filed against it in March. Later in March, the CFTC sued Binance and CZ, alleging that the exchange was not properly registered with the regulator.
The CFTC alleges that despite Binance blocking US users from trading on the platform, it knowingly transacted multiple cryptocurrencies for US residents since at least 2019, deliberately violating US law. The regulator also described Binance’s compliance process as fraudulent, alleging that Binance willingly conducts its operations outside of the US and hides the location of its headquarters in order to evade US regulation.
