- Binance, a leading cryptocurrency exchange, is preparing to counter lawsuits filed by both the SEC and CFTC in the United States.
- Company CEO Changpeng Zhao and other Binance entities are set to request the dismissal of the CFTC lawsuit at the Chicago Federal Court.
- Samuel Lim, who is in charge of regulatory compliance at Binance, will make a similar request, with the company, CZ, and Lim having until Thursday to submit their requests to the court.
Binance Gears Up for Legal Battle
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As one of the world’s leading cryptocurrency exchanges, Binance is gearing up to counter lawsuits filed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the United States. According to official court documents released on Monday, Binance affiliates and the company’s CEO, Changpeng Zhao, are planning to request the dismissal of the CFTC lawsuit at the Chicago Federal Court.
Regulatory Compliance at Binance
Samuel Lim, the executive in charge of regulatory compliance at Binance, will also submit a similar request. The company, along with Changpeng Zhao and Samuel Lim, have until Thursday to present their requests to the court. The move highlights Binance’s proactive approach to addressing regulatory concerns and its commitment to operating within the legal framework.
Complexity of the CFTC Complaint
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Binance’s legal team has also requested an increase in the page limit for their defense due to the complexity of the CFTC’s complaint. The team believes that a larger number of arguments need to be put forward to strengthen their proposal for the dismissal of the case. As such, they have requested an increase in the page limit for their defense document.
The CFTC had filed a lawsuit in March, alleging that Binance and its executives had breached derivative asset laws. CFTC Chairman Rostin Behnam had stated at the time that they had strong evidence and everything would become very clear once the case began.