Binance, Billionaire Zhao To Seek Dismissal of CFTC Lawsuit

Binance, its founder Changpeng Zhao and the crypto exchange's former Chief Compliance Officer Samuel Lim plan to seek the dismissal of a Commodity Futures Trading Commission lawsuit. From a report: The response to the CFTC complaint is due July 27 and the defendants intend to submit motions to dismiss, according to a court filing on Monday. They also sought permission to exceed a 15-page limit on supporting briefs, citing the complexity of the case and the number of arguments they anticipate making. The CFTC in March alleged that Binance and CEO Zhao, also known as CZ, routinely broke US derivatives rules as the firm grew to be the world's largest digital-asset trading platform. Binance should have registered with the agency years ago and continues to violate the CFTC's rules, the regulator said at the time. The crypto platform previously described the CFTC lawsuit as "unexpected and disappointing." The US Securities & Exchange Commission last month accused Binance and Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. Binance has said that it intends to defend its platform "vigorously."

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