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 <p>The attorneys have called out <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> for its regulatory overreach. In their recent court filing, they wrote: “In this case, the <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> seeks to regulate foreign individuals and corporations that reside and operate outside the United States — outstripping the limits of its statutory authority and treading on deep-rooted principles of comity with foreign sovereigns”.</p>  
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       <p>According to the filing, the CFTC’s first six charges do not apply to the foreign conduct mentioned in the case, and some of the charges do not meet the necessary legal standards required by law.</p> 
       <p>The seventh charge, accusing <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> of evading the Commodity Exchange Act, should also be dismissed since the agency itself fails to meet the necessary requirements for such an accusation, as stated in the filing. The motion to dismiss the lawsuit reads:</p> 
       <blockquote> 
        <p>“There is no dispute that the <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> has no regulatory authority over spot trading even in the United States, let alone abroad. The issue posed by the <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a>’s complaint is whether, when <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>․com began offering additional products in or after 2019—by which point it had already begun to restrict and off-board potential U.S. users—it became subject to certain registration and regulatory compliance provisions of the Commodity Exchange Act (“CEA”) and <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> regulations. Despite 236 paragraphs of allegations – which followed a multi-year investigation in which defendants provided extensive information voluntarily – the <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a>’s complaint fails at the outset.”</p>  
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       </blockquote> 
       <h3 id="binance-and-cftc-feud">Binance and CFTC Feud</h3> 
       <p>Earlier in March, the CFTC filed a lawsuit against Binance, claiming that the company provided unregistered derivatives products in the U.S., such as cryptocurrency trading services, futures, and options products. The regulator also accused Binance of lacking proper supervision, a reliable know-your-customer or anti-money laundering program, and failing to register as a futures commissions merchant, designated contract market, or swap execution facility.</p> 
       <p>Apart from the <a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> lawsuit, <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> also faces legal troubles in the U.S. due to a lawsuit filed by the Securities and Exchange Commission (SEC) last month.</p> 
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Binance Files Motion to Dismiss CFTC Lawsuit, Cites Overreach

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