Binance, the world’s biggest crypto exchange, and its CEO Changpeng Zhao are planning to seek dismissal of a complaint filed by the Commodity Futures Trading Commission (CFTC). The complaint alleges that Binance violated the Commodity Exchange Act and certain federal regulations. Binance is set to submit its response to the CFTC on July 27 and will be seeking dismissal.
Key Points:
1. Binance accused of operating an “illegal” exchange and a “sham” compliance program.
2. CFTC claims Binance offered and executed commodity derivatives transactions on behalf of U.S. persons in violation of U.S. laws.
3. Binance and Zhao were also sued by the U.S. Securities and Exchange Commission (SEC) in June for alleged deception.
4. Binance is under investigation by the Justice Department for suspected money laundering and sanctions violations.
In summary, Binance and its CEO Changpeng Zhao are facing legal challenges from both the CFTC and SEC. They are seeking dismissal of the CFTC complaint and have been accused of operating illegally and engaging in deceptive practices. Additionally, Binance is under investigation for suspected money laundering and sanctions violations. It remains to be seen how these legal battles will unfold and what impact they will have on the crypto exchange.
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