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Amaka Nwaokocha1 hour agoBinance, CZ challenge CFTC lawsuit, seek dismissalBinance said that the CFTC is attempting to regulate foreign individuals and corporations operating outside the United States, going beyond the limits of its statutory jurisdiction.506 Total views26 Total sharesListen to article 0:00NewsJoin us on social networksCrypto exchange Binance and its CEO Changpeng “CZ” Zhao requested the dismissal of a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC).


In a July 27 court filing, attorneys for Binance and CZ accused the CFTC of exceeding its regulatory authority and engaging in regulatory overreach. The filing states that the CFTC is attempting to regulate foreign individuals and corporations operating outside the United States, which goes beyond the limits of its statutory jurisdiction and interferes with well-established principles of comity with foreign sovereigns.Screenshot of the motion to dismiss the CFTC lawsuit.  Source: CourtListener


As per the filing, the first six charges presented by the CFTC do not pertain to the foreign conduct addressed in the case, and certain charges do not meet the required legal standards. Additionally, the seventh charge, accusing Binance of evading the Commodity Exchange Act (CEA), should be dismissed as the agency fails to satisfy the requirements for such an accusation.


The motion to dismiss argues that the CFTC lacks regulatory authority over spot trading domestically and internationally. It questions whether Binance․com should be subject to specific registration and regulatory compliance provisions in the CEA and CFTC regulations based on its introduction of additional products after 2019, and its previous restriction on U.S. users.


Related:SEC adopts cyberattack disclosure rules, listed crypto firms included


In March, the CFTC initiated a lawsuit against Binance, alleging that the company offered unregistered derivatives products in the U.S., including cryptocurrency tradingservices, futures and options products. The regulator also accused Binance of inadequate supervision, lacking 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.


In addition to the CFTC lawsuit, Binance is also confronting legal challenges in the U.S. stemming from a lawsuit filed by the Securities and Exchange Commission in June.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Web3 Gamer: Apple to fix gaming? SEC hates Metaverse, Logan Paul trolled on Steam# Blockchain# Cryptocurrencies# CFTC# Cryptocurrency Exchange# Binance# RegulationAdd reactionAdd reactionRelated NewsWhat is profit and loss (PnL) and how to calculate itBitget exec discusses limitations and benefits of CTA AI trading botWhy is Jerome Powell gaslighting us about the odds of recession?South Africa to mandate crypto exchange licenses by end of 2023: ReportBinance halts deposit and withdrawal support for some Multichain-bridged tokensCryptocurrency versus the SEC: A fight for fair digital investing

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