Date: July 24, 2023
In a bold move to defend themselves against charges brought by the U.S. Commodities and Futures Trading Commission (CFTC), cryptocurrency exchange giant Binance, along with its CEO Changpeng Zhao and compliance officer Samuel Lim, are gearing up for a legal battle to seek dismissal of the complaint.
As per a court filing in the Illinois District Court on July 24, Binance entities, Zhao, and Lim have expressed their intent to file a joint motion to dismiss the allegations. Additionally, compliance officer Samuel Lim will file a separate motion alongside the joint motion. Binance’s legal team has also sought permission to exceed the page limit on the brief they will submit in support of their motion, citing the complexity of the CFTC’s 73-page complaint and the numerous arguments against the defendants.
The CFTC had filed the lawsuit against Binance, Zhao, and Lim in March, accusing them of violating trading and derivatives regulations. The regulatory body also alleged that Lim, under Zhao’s direction, advised U.S. customers on ways to bypass trading restrictions on Binance’s platform.
Binance is expected to respond to the CFTC’s complaint by July 27. However, it faces additional charges from the U.S. Securities and Exchange Commission (SEC) and an ongoing investigation by the U.S. Department of Justice (DOJ).
The outcome of this high-profile legal battle will undoubtedly be closely watched by the global cryptocurrency community, as it may have significant implications for the regulation of digital asset exchanges in the United States and beyond.
