Binance Vs US CFTC: Court Reveals Deadlines; Dismissal Difficult Before Looming DOJ Lawsuit
The world’s largest crypto exchange Binance, CEO Changpeng “CZ” Zhao, and former chief compliance officer Samuel Lim seek to dismiss the lawsuit by the US Commodity Futures Trade Commission (CFTC). The court had granted defendants the right to separately file motions in support of the dismissal of the lawsuit by July 27. However, a small entry on Wednesday has set deadlines that can extend the dismissal to next year, with a DOJ suit also looming.
Court Sets Deadlines in Binance Vs US CFTC Lawsuit
On July 26, the Court for the Northern District of Illinois sets deadlines for motions by defendants and plaintiffs regarding the dismissal of the US CFTC v. Binance lawsuit.
According to a minute entry, the defendants’ (Binance) motions to dismiss are due by July 27 as earlier granted by the court. However, the court has extended the plaintiff’s (CFTC) deadline to September 22, delaying Binance’s plans to dismiss the lawsuit on the argument that the court lacks jurisdiction. In addition, Binance can reply to CFTC’s response by October 23, restricting it to 35 pages in reply.
Meanwhile, jurisdictional discovery ‘stays’ while the parties file motions to dismiss the lawsuit. It means the lawsuit will remain in the court until motions are filed by both Binance and CFTC, extending the lawsuit possibly to next year.
“Any request for early jurisdictional discovery must be made by written motion and noticed for in−person presentment on the court’s regular motion call.”
Binance also facing US DOJ’s investigations and a lawsuit may be looming as the SEC and the CFTC lawsuits are typically filed with a DOJ lawsuit.
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Binance and DOJ Preparations
While Binance fights back against the US SEC, it is hiring former SEC and DOJ officials to the legal team. Recently, Binance hired M. Kendall Day as counsel, who was acting deputy assistant attorney general at the Criminal Division of the Department of Justice for 15 years.
Whereas, the DOJ expanding its team of prosecutors and legal experts. The DOJ has also established a new National Cryptocurrency Enforcement Team that will handle crypto oversight and investigations.
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