Binance exchange and its CEO are preparing to file a defense to CFTC charges with hopes that they will be dropped The post Binance CEO Seeks to Dismiss CFTC’s Charges appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.
Binance is due to submit its response to the CFTC complaint on July 27 and is also mulling the idea of filing a motion requesting that the court dismiss the charges brought against them a few months ago.
Binance to File Dismissal Motion
Based on a July 24 filing to an Illinois District Court, “The Foreign Binance Entities and Zhao intend to file a joint Motion to Dismiss the Complaint. Lim intends to file a separate Motion to Dismiss the Complaint, and join parts of the motion filed by the Foreign Binance Entities and Zhao.”
In addition, Binance is seeking approval to exceed the 15-page limit on the brief required to support its motion. The exchange is requesting that the brief be increased up to 50-page citing the complexity of the CFTC lawsuit against the cryptocurrency exchange and the number of arguments the defendants plan to make in support of their motions to dismiss the lawsuit.
CFTC Levys Binance And Executives With Lawsuit
According to CFTC, Binance was helping U.S. customers circumvent the platform’s compliance control by suggesting the use of Virtual Private Networks (VPNs) to mask their location. Again, the regulator claimed that Binance has never registered its platform with the agency and has therefore violated federal laws designed to prevent and detect terrorism financing and money laundering.