Binance, Changpeng Zhao, and the former head of compliance, Samuel Lim, plan to submit two motions to dismiss the CFTC’s March lawsuit.
Get ready for a judicial battle in the cryptocurrency industry as Binance and its CEO, Changpeng “CZ” Zhao, prepare to fight the case filed by the US commodities regulator. Zhao, former Chief Compliance Officer Samuel Lim, and Binance businesses have announced their intention to file two separate petitions to dismiss the case in an Illinois District Court before July 27th. This is a daring move.
The crypto exchange is not holding back and is requesting authorization to submit a brief that is longer than the typical 15 pages in order to support its motion. In order to appropriately address the complexities of the Commodity Futures Trading Commission’s March lawsuit against them, Binance is demanding a whopping 50 pages.
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According to the CFTC’s lawsuit, Binance improperly registered with the agency and purposefully carried out transactions for Americans despite excluding them from its platform. The regulator even charged Binance of intentionally avoiding U.S. laws and using a “sham” compliance approach.
Related: Binance vs. CFTC: Latest court battle could alter crypto landscape in US
However, the Securities and Exchange Commission (SEC), which brought a different complaint on June 5th, is also putting pressure on Binance. The exchange was charged by the SEC with selling unregistered securities and letting American clients use its international platform. The legal dispute was further complicated by Zhao being charged with abusing customer monies.
The US Department of Justice is reportedly looking into Binance amid all these legal issues for allegedly breaking sanctions by enabling Russians to utilize its platform.
Binance is adamant that it won’t give up without a fight as the cryptocurrency community eagerly monitors the developments of this high-stakes judicial drama. The outcome of these petitions to dismiss might have huge ramifications for the entire cryptocurrency industry as both sides prepare for fierce legal discussions. Watch this space for additional twists and turns in this compelling court case!