{"id":195195,"date":"2023-10-24T17:39:14","date_gmt":"2023-10-24T17:39:14","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195195"},"modified":"2023-10-24T17:39:14","modified_gmt":"2023-10-24T17:39:14","slug":"binance-and-cz-renew-calls-to-dismiss-cftc-lawsuit","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/binance-and-cz-renew-calls-to-dismiss-cftc-lawsuit\/","title":{"rendered":"Binance and CZ renew calls to dismiss CFTC lawsuit"},"content":{"rendered":"<p>Lawyers representing Binance and CEO Changpeng \u201cCZ\u201d Zhao have filed statements in support of a motion to dismiss a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC) in March.<\/p>\n<p>In an Oct. 23 filing in U.S. District Court for the Northern District of Illinois, CZ\u2019s and Binance\u2019s attorneys made several legal claims arguing for the dismissal of the CFTC\u2019s case against the crypto exchange. According to the legal teams, the regulator\u2019s arguments, if accepted by the court, \u201cwould allow it to regulate any activity in cryptocurrency [&#8230;] related to a derivatives product\u201d across the globe.<\/p>\n<p>\u201cCongress did not make the CFTC the world\u2019s derivatives police, and the Court should reject the agency\u2019s effort to expand its territorial reach beyond what is permitted by the law,\u201d said the filing.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/8f3bde1d-f878-44c3-ac05-a14c9806ce20.png\"><\/p>\n<p>Binance\u2019s and CZ\u2019s lawyers also went after each of the individual counts brought by the CFTC, arguing the regulator was \u201cpursuing a novel theory\u201d in an anti-evasion claim and failed to meet the standards for others. The attorneys called on the court to \u201cdismiss the Complaint with prejudice\u201d.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Binance exit aftershock: Can one resignation tip the crypto trust scales?<\/em><\/strong><\/p>\n<p>The CFTC lawsuit, first filed in March, alleged Binance failed to register with the regulator in violation of rules on derivatives trading. According to the CFTC, CZ was aware that Binance had solicited customers based in the United States, requiring the exchange to be in compliance with regulatory requirements.<\/p>\n<p>Binance lawyers made a similar filing in July for dismissing the case, arguing at the time that the CFTC exceeded its regulatory authority. The crypto exchange also faces a lawsuit from the U.S. Securities and Exchange Commission filed in June.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Binance\u2019s exec exodus, Nasdaq to trade AI orders and SBF loses bail appeal: Hodler\u2019s Digest, Sept. 3-9<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/binance-cz-call-dismiss-cftc-lawsuit\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lawyers representing Binance and CEO Changpeng \u201cCZ\u201d Zhao have filed statements in support of a&#8230;<\/p>\n","protected":false},"author":4,"featured_media":195194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance and CZ renew calls to dismiss CFTC lawsuit - 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