Binance and Founder Seek Dismissal of CFTC Complaint
Binance Holdings and its founder, Changpeng Zhao, are looking to have a complaint filed by the United States Commodity Futures Trading Commission (CFTC) dismissed. Samuel Lim, Binance’s former chief compliance officer, also plans to seek dismissal.
Key Points:
– Binance and Changpeng Zhao plan to submit a motion to dismiss the CFTC complaint.
– They are accused of operating an illegal digital asset derivatives exchange in the U.S.
– Samuel Lim, Binance’s former chief compliance officer, also intends to seek dismissal.
– Binance, Zhao, and Lim have until July 27 to respond to the CFTC complaint.
– They have requested an expansion of the page limit for their memoranda of law.
Ongoing Legal Battles:
– In March, the CFTC sued Binance and Zhao for allegedly breaking derivatives rules and engaging in unregistered trading activities in the U.S.
– Binance has been accused of increasing its U.S. presence despite publicly stating its intent to restrict U.S. customers.
– The Securities and Exchange Commission (SEC) also sued Binance and Zhao for violating securities laws.
Hot Take
Binance and its founder, Changpeng Zhao, are facing legal challenges in the U.S. The CFTC and SEC have both filed complaints against them, alleging various violations. Binance’s request to dismiss the CFTC complaint, along with Zhao and Lim’s intentions to do the same, highlights the ongoing legal battles faced by the cryptocurrency exchange. It remains to be seen how these cases will unfold and what impact they may have on the future of Binance.
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