• Binance, CEO Changpeng Zhao (CZ), and former compliance chief Samuel Lim file a motion to dismiss the complaint filed by the US CFTC.
• The defendants requested the court to allow them to respond with a 50-page motion while currently limited to only 15 pages.
• Last month, the US Securities and Exchange Commission (SEC) sued Binance and CZ for violating the country’s securities law while Australian authorities invaded the exchange’s local offices.
Binance’s Motion To Dismiss CFTC’s Lawsuit
Binance, its CEO Changpeng Zhao (CZ), and the company’s former compliance chief Samuel Lim have filed a motion to dismiss the complaint filed against them by the US Commodity Futures Trading Commission (CFTC). The defendants requested that they be allowed to respond with a 50-page motion instead of being limited to 15 pages.
CFTC Takes Legal Action Against Binance
On March 27, 2023, the CFTC took legal action against Binance for breaching the Commodity Exchange Act by offering futures trades without registering as a futures commission merchant (FCM). This news followed other legal actions taken against Binance last month, including one from the US Securities and Exchange Commission (SEC) suing them and CZ for violating securities law, as well as Australian authorities raiding their local offices.
Investigations Into Other Activities
The Australian Securities and Investments Commission (ASIC) began scrutinizing Binance’s derivatives arm after they announced that they would be shutting down their derivatives platform in Australia. Moreover, Le Monde reported that French authorities are investigating Binance France for alleged money laundering and failing to comply with know-your-customer procedures.
In conclusion, both domestic and international regulators have begun taking legal action against Binance due to their alleged violations of laws within various countries. As such, it remains uncertain how this will affect their operations in other jurisdictions going forward.
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