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Home»Business»Binance and its CEO seek dismissal of CFTC complaint
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Binance and its CEO seek dismissal of CFTC complaint

July 28, 2023No Comments2 Mins Read
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July 27 (Reuters) – Binance and its CEO Changpeng Zhao have filed a motion to dismiss a complaint against the cryptocurrency exchange by the U.S. Commodity Futures Trading Commission (CFTC), the company said in a court filing on Thursday.

The CFTC sued Binance, Zhao and former Chief Compliance Officer Samuel Lim in March, alleging they violated the Commodity Exchange Act and certain related federal regulations, and for operating what the regulator said was an “illegal” exchange and a “sham” compliance program.

Binance, the world’s largest cryptocurrency exchange, said the CFTC’s case should be dismissed because it sought to regulate foreign individuals and corporations that reside and operate outside the United States.

It also quoted a 2007 ruling that stated: “United States law governs domestically but does not rule the world.”

The holding company of Binance is based in the Cayman Islands, while CEO Zhao is a Canadian citizen.

The CFTC’s complaint said that from at least July 2019, Binance “offered and executed commodity derivatives transactions on behalf of U.S. persons” in violation of U.S. laws.

In its reply, Binance said that by June 2019, Binance.com had begun implementing steps to restrict and off-board potential U.S. users and ensure that new users were not U.S. persons.

“Importantly, Binance.com did not begin to offer the alleged digital asset derivative products until July 2019 and later —after it began to restrict and off-board potential U.S. users,” the company said.

Lim filed a separate motion to dismiss the CFTC claims against him.

The CFTC, which is responsible for the oversight of commodities and derivatives markets, including Bitcoin, declined to comment on the filing.

See also  Humana Sets Succession For Retiring CEO Bruce Broussard

Binance and Zhao were also sued by the U.S. Securities and Exchange Commission (SEC) in June for allegedly operating a “web of deception,” listing 13 charges against Binance, Zhao and the operator of its purportedly independent U.S. exchange.

Reporting by Juby Babu and Shubham Kalia in Bengaluru; Editing by Tom Hogue and Jamie Freed

: .

Binance CEO CFTC complaint Dismissal seek
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