Binance To Submit Motion Requesting Dismissal Of CFTC Complaint

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.