According to a recent filing made on Monday, the leading cryptocurrency exchange Binance wants the U.S. Commodity Futures Trading Commission’s (CFTC) lawsuit against it to be dismissed.In March, the CFTC filed a lawsuit against Binance, its founder Changpeng Zhao, and compliance manager Samuel Lim in an Illinois federal court, alleging that the exchange ran a derivatives trading operation there and gave orders to its American staff to hide their locations in order to circumvent regulations.
The Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, requesting that a temporary restraining order be put in place on all funds transferred there.US is the company’s US division.The restraining order, which was described as a “death penalty” by a lawyer for Binance.US, was never implemented because of Binance.The assets and servers of the branch would solely be under the management of its American-based staff, according to a settlement reached by the US and the SEC.
As a result of Ripple’s partial victory over the Securities and Exchange Commission earlier in July, perceptions of the American regulatory landscape have changed since that time.This coming Thursday, on July 27, Binance must respond to the CFTC’s complaint.Binance simply requested a 15-page extension due to the intricacy of the issue, the petition did not include any additional details regarding its defense.A separate Motion to Dismiss will also be submitted by Lim, the document states.