Binance and its CEO Changpeng “CZ” Zhao filed a joint motion requesting that the SEC’s lawsuit against them be dismissed.
Popular crypto exchange Binance and its CEO “CZ” Zhao have filed a joint motion seeking dismissal of the lawsuit filed against them by the United States Securities and Exchange Commission (SEC). Binance Holdings, its US counterpart and CEO Changpeng Zhao filed petitions requesting the dismissal of the case filed against them by the SEC.
A 60-page petition was submitted!
According to the filing filed with the United States District Court on September 21, both Binance Holdings and CZ claimed that the financial regulator exceeded its authority in the lawsuit filed against them. In the 60-page petition, lawyers for the exchange and CZ accused the SEC of failing to provide clear guidelines for the industry ahead of its lawsuit against the crypto exchange. As a result, it retroactively imposed its regulatory authority over the crypto industry.
Binance, which has been on the agenda for a while with its tension with the SEC, said:
“The SEC is retroactively pursuing these new theories. It seeks to impose liability for crypto asset sales that occurred as far back as July 2017, before the SEC offered any public guidance on cryptocurrency. “It is clear that the SEC’s lawsuit has no basis in currently applicable securities laws.”
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