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Binance Counters CFTC Allegations with Motion to Dismiss, Cites Regulatory Overreach

28 July 2023
in Latest News, News
Reading Time: 3 mins read
105 3
Home News Latest News

On July 27, 2023, attorneys representing Binance and its CEO, Changpeng Zhao filed a motion  to dismiss the lawsuit filed both parties by the U.S. Commodity Futures Trading Commission (CFTC). 

The attorneys claimed that the lawsuit is CFTC’s attempt to extend its regulatory authority beyond the United States and exert control over foreign entities operating outside its jurisdiction. According to them, this approach violates the principle of comity with foreign sovereigns.

The attorneys also requested that CFTC’s complaint that Binance violated the Commodity Exchange Act (CEA) should be dismissed because it lacks substantial evidence and grounds for enforcement. They argued that because the exchange was not allowed to provide services to customers in the United States, Binance should not be subject to specific registration requirements and regulatory compliance requirements under the Commodity Exchange Act (CEA) and CFTC laws.

The CFTC filed the lawsuit against Binance in March 2023, alleging that the exchange offered unregistered derivatives products in the United States, including futures, options, and cryptocurrency trading services. 

Additionally, the CFTC accused Binance of inadequate oversight, lacking a reliable Know Your Customer (KYC) or Anti-Money Laundering (AML) program, and failing to register as a designated contract market, swap execution facility, or futures commission merchant.

Though the outcome of Binance and Zhao’s motion is uncertain, the legal proceedings will have significant implications for the future of Binance’s operations in the United States. 

The exchange is already facing another regulatory and legal battle with the United States Securities and Exchange Commission (SEC). In June 2023, the SEC filed a lawsuit against the company and Zhao claiming that it operated as an unregistered securities exchange and misled investors about the true nature of its operations. 

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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