Cryptocurrency exchange Binance, CEO Changpeng Zhao and Head of Compliance Samuel Lim cook two motions to dismiss the Commodity Futures Trading Commission (CFTC) lawsuit. The company plans to submit them by July 27.
At the same time, the firm requested an increase in the brief limit of 15 pages. As an explanation, the company cited the complexity of the earlier CFTC lawsuit.
Recall that the regulator accused Binance and Changpeng Zhao of violating industry laws in March 2023. In particular, the CFTC alleges that the exchange deliberately provided “loopholes” for derivatives trading in the US, bypassing the rules.
At the same time, the case file contains a fragment of correspondence in which Samuel Lim admitted that the organization operates as an unregistered service provider in the futures market.
The CEO of the exchange denies all allegations. However, already in early April, the media learned the names of the brokerage firms involved in the process. Later, CFTC Chairman Rostin Behnam held a press conference in which he threatened the company with serious sanctions:
Recall, in addition to the CFTC, Binance is being investigated by the Securities and Exchange Commission, as well as the US Department of Justice.
Source: Cryptocurrency
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