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Binance Vs US CFTC: Court Reveals Deadlines; Dismissal Difficult Before Looming DOJ Lawsuit

District court extends dismissal deadlines in Binance and US CFTC lawsuit, making it difficult for CZ to end the lawsuit before a DOJ suit.
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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.

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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.

Also Read: Cathie Wood’s Ark Invest Sells Coinbase And Tesla Shares Amid Earnings Report

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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.

Also Read: Crypto Crash Or Bull Run? FED Hikes Interest Rates Again

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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