Binance and its co-founder Changpeng Zhao (CZ) requested the dismissal of the lawsuit filed by the CFTC on Thursday, July 27.
Popular cryptocurrency exchange Binance and its co-founder CZ requested the dismissal of the lawsuit filed by the United States Commodities and Futures Trading Commission (CFTC) on Thursday, July 27. Legal representatives of Binance and CZ submitted the motion. The case was dismissed in Chicago court.
Attorneys accused the CFTC of overstepping its regulatory mandate and engaging in regulatory overreach in recent court filings. He also pointed out that the CFTC is trying to regulate foreign individuals and companies operating outside of the United States, that this goes beyond the limits of its legal authority and intervenes in this situation with the authorities.
According to the application, the initial charge filed by the CFTC is that several cases dealt with in the case are not relevant and some charges do not meet the required legal standards. Additionally, the seventh charge against Binance for evading the Commodity Exchange Act (CEA) must be dismissed as the agency itself failed to meet the requirements for such an accusation, as alleged in the file.
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