The CFTC had filed a lawsuit in March, alleging that Binance, along with its founder Changpeng Zhao and compliance officer Samuel Lim, conducted derivatives trading operations in the United States and instructed American employees to hide their locations to evade regulations.
Additionally, Binance faced legal action from the SEC, which sought a temporary restraining order on all funds held by Binance.US. However, the restraining order was not imposed as Binance.US reached an agreement with the SEC, stipulating that the assets and servers of the American branch would be managed solely by its U.S. based staff.
Notably, the regulatory landscape in the U.S. has experienced a shift in sentiment, with Ripple recently obtaining a partial victory against the SEC.
Binance is expected to respond to the aforementioned complaint by July 27th, and the company has indicated that they will request an extension beyond the standard 15-page limit due to the intricacies of the case.
Additionally, compliance officer Samuel Lim plans to submit a separate Motion to Dismiss in response to the complaint. It is unclear as to whether this will be entertained by the appropriate authorities, however.
Binance To Submit Motion Requesting Dismissal Of CFTC Complaint
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
September 07,2024
Here Is How To Protect Yourself Against Crypto Hackers
September 06,2024
Telegram Users Can Now Report Illegal Content In Private Chats
September 06,2024
EigenLayer Will Redistribute 86 Million Tokens In Season 2 Airdrop
September 05,2024
Richard Teng Demands Tigran Gambaryan Be Released Immediately
September 05,2024
Robinhood Being Forced To Pay Massive Fine For Previous Ban
September 04,2024
Hackers Promote Fraudulent Trump Family Project
September 04,2024
John Deaton Challenges Elizabeth Warren After Clinching Republican US Senate Primary
September 03,2024
WazirX Hacker Moves Stolen Funds To Tornado Cash
September 03,2024
Here Is Why September Is A Crucial Month For Crypto
September 02,2024
A New Era For Cardano Begins As Chang Hard Fork Goes Live
September 02,2024
BTC Miners Experience Worst Revenue Month Since September 2023
September 02,2024