Binance CEO CZ Requests Dismissal of SEC Lawsuit
Binance CEO Changpeng “CZ” Zhao has filed a petition to dismiss the lawsuit brought against him and his cryptocurrency exchange by the United States Securities and Exchange Commission (SEC). The petition, submitted to the United States District Court on September 21, argues that the SEC has exceeded its authority in the legal action. Binance Holdings and Zhao claim that the SEC misinterprets securities laws in an attempt to assert regulatory power over the crypto industry.
Binance.US Seeks Dismissal of Charges
In addition to Binance and Zhao’s petition, Binance’s American counterpart, Binance.US, has also moved to have the charges against it dismissed. The filing, made on the same day as the other petition, is 56 pages long. Both petitions aim to challenge the SEC’s jurisdiction and authority in regulating cryptocurrencies.
Developing Story
Please note that this is a developing story, and additional information will be provided as it becomes available.
This article is originally posted on Cointelegraph
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