Claim BonusBinance 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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Galaxy Digital Raises $100M to Launch Crypto Hedge Fund
- Crypto Crash Deepens as Tom Lee Warns of “Painful Decline” in 2026 Before Late-Year Bounce
- Best Crypto Prop Trading Firms
- Solana Mobile Launches SKR Token for Seeker Users, Here’s How to Claim Airdrop
- Ripple President Predicts $1T Crypto Inflow into Corporate Treasuries by 2026
- Chainlink Price Prediction After 24/5 Stock Data Launch: What’s Next For LINK?
- XRP Price Eyes a 25% Rebound Ahead of Brad Garlinghouse Statements at Davos Summit
- Why Silver and Gold Prices Are Rising While Crypto Falls Under Tariff Pressure?
- Solana Price Prediction As NYSE Launched Stock Tokenization Platform
- Bitcoin Price Outlook Ahead of Trump’s Davos Speech as Trade War Tensions Ease
- Top 3 Price Prediction for Ethereum, XRP and Bitcoin If Crypto Structure Gets Approved This Month
