NewsletterBinance and Chief CZ Proceed for the Dismissal of the CFTC Lawsuit
Crypto exchange Binance, its founder Changpeng Zhao, and former Chief Compliance Officer Samuel Lim are planning to seek the dismissal of the CFTC lawsuit filed earlier this year in March 2023.
As per the court filing on Monday, July 24, the response to the CFTC complaint will be due by July 27. As a result, the defendants are planning to submit the motion to dismiss the lawsuit. Citing the complexity of the case, the defendants also sought permission to exceed the 15-page limit.
In its lawsuit filed in March this year, the CFTC argued that Binance and its CEO Changpeng Zhao broke the US derivative rules while expanding its footprint and becoming the world’s largest crypto trading platform. The derivatives regulator said that Binance should have registered with the agency years ago.
However, in the past, Binance referred to the CFTC lawsuits as “unexpected and disappointing”.
Binance In A Web of Regulatory Concerns
Last month, the U.S. Securities & Exchange Commission accused Binance and its CEO, Zhao, of mishandling customer funds, misleading investors, and breaking securities rules. Binance has stated that it will vigorously defend its platform against these allegations.
Binance is currently facing regulatory investigations in various countries, and its market share of spot digital-asset trading volumes has been declining.
In July, Zhao, who is a billionaire, tried to address concerns about the platform’s future after several executives left the company amid the regulatory crisis.
The native token of Binance, BNB, experienced a 2% drop, trading around $238 in Singapore as of Tuesday. This year, BNB has lost about 2.5% of its value, while the overall top 100 tokens have gained around 45%. The success of BNB and Binance are often linked together.
Despite all the headwinds, the crypto exchange has continued to focus on further developments and advancements. It was one of the first global exchanges to list the Worldcoin (WLD) token launched on Monday.
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