Binance CEO Seeks Dismissal Of CFTC Complaint In Legal Challenge

  • Binance’s CEO and former Chief Compliance Officer seek dismissal of CFTC complaint.
  • The exchange will submit a response to the CFTC lawsuit on July 27, seeking dismissal.
  • Reportedly, Binance’s social image was impacted by the CFTC accusations, and from facing FUD from influencers.

After Binance was accused of breaching the regulations stipulated in the Commodity Exchange Act, Binance’s CEO Changpeng Zhao and former Chief Compliance Officer Samuel Lim intend to pursue the dismissal of a complaint filed by the Commodity Futures Trading Commission (CFTC).

Bloomberg revealed that according to a court filing on Monday, Binance is scheduled to submit its response to the CFTC complaint on July 27, with the intention of seeking dismissal. The defendants have also requested permission to exceed the 15-page limit on supporting briefs. Moreover, they cited the complexity of the case and the anticipated number of arguments they need to present. The filing read:

Given the complexity of the CFTC’s Complaint and the number of arguments Defendants anticipate making in support of their Motions to Dismiss, Defendants anticipate that their Memoranda of Law in support of the two motions will exceed the fifteen-page limits.

Earlier last week, Zhao claimed that a popular influencer was spreading FUD about the exchange after being rejected from Binance Labs. “He pitched his project to Binance Labs and we didn’t invest,” Zhao tweeted about the influencer.

Recently, Ukrainian journalist, Kollen Post also conducted an investigation to show that Binance’s money processor, Advcash, was allegedly functioning as a disguised Russian money laundering operation. The report delved into Advcash’s role within Binance’s operations, a question that the SEC had already asked Binance about. Protos’ investigation also unveiled that even though Advcash’s office is registered in Belize, the bulk of its business operations lie within Russia.

In March, the CFTC filed a lawsuit against Binance and its CEO, Changpeng Zhao, accusing the cryptocurrency exchange of failing to properly register with the regulatory authority. The CFTC suggested that despite Binance blocking U.S. residents from using its platform, it knowingly engaged in transactions involving various cryptocurrencies for individuals based in the U.S.

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