Binance plans to petition the court to dismiss the case that the Commodity Futures Trading Commission (CFTC) launched against Binance in March of this year.
Binance Filed a Joint Motion to Dismiss the CFTC Complaint
Binance plans to petition the court to dismiss the case that the Commodity Futures Trading Commission (CFTC) launched against Binance, the largest cryptocurrency exchange in the world, in March of this year.
The CEO of Binance, Changpeng Zhao, and the former chief compliance officer, Samuel Lim, announced their plans to submit two separate motions to have the most recent CFTC case dismissed.
The deadline for submitting these motions to dismiss has been set to before July 27. Binance has also asked for permission to submit a brief that is longer than the typical 15-page limit in support of the exchange's motions to dismiss.
The Commodity Exchange Act and several related federal regulations are allegedly violated by Binance, according to the CFTC's lawsuit.
In response to the allegations, Binance stated that they have been working cooperatively with the CFTC for more than two years and that the complaint filed by the CFTC is unexpected and disheartening.
