News

Binance And CZ File A Petition To Dismiss CFTC’s Lawsuit

Key Points:

  • Binance and Ceo Changpeng Zhao (CZ) are in an effort to drop the CFTC’s March lawsuit.
  • Specifically, the defendants requested to extend the legal memo’s 15-page limit to 50 pages.
  • Previously, in March of this year, the US Commodity Futures Trading Commission (CFTC) accused Binance of offering unregistered options and futures contracts to US traders.
On July 24, 2023, cryptocurrency exchange Binance and CEO Changpeng Zhao (CZ) filed an application in a US court to dismiss the CFTC’s lawsuit in early March.

According to court documents, Binance and Changpeng Zhao (CZ) have applied for a license with the United States District Court for the Northern District of Illinois, intending to file a legal memorandum to initiate a motion to dismiss the US Commodity Futures Trading Commission (CFTC). The defendants (Binance and Changpeng Zhao) requested to extend the 15-page limit of the legal memo to 50 pages.

As previously reported, in March of this year, the US Commodity Futures Trading Commission (CFTC) accused Binance of offering unregistered options and futures contracts to US traders. CFTC sued Binance, Mr. Zhao, and former Head of Regulatory Compliance Samuel Lim for knowingly violating US law. The regulator will seek to impose a permanent registration and trading ban on this exchange.

According to the lawsuit, the defendants must respond to the respondent by July 27, 2023.

The lawsuit comes as authorities increase their control over companies in the digital currency sector. For years, US prosecutors and investigators have targeted illegal transactions and non-compliance with regulations to prevent unlawful activities by companies in this sector. However, recent government control efforts have been stepped up.

The largest cryptocurrency exchange in the market and its CEO is also in trouble with the heavy accusations of securities listing, deceiving customers from the SEC in early June. Binance is still being supported by users after denying all allegations. In addition, Ripple’s opening victory with the SEC also undermined the agency’s previous arguments.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Victor

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

22 mins ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

2 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

3 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

6 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

9 hours ago

This website uses cookies.