- CFTC has raised a court filing against Binance and its CEO.
- Binance claims to increase the page limit by 50 for the Memoranda of Law.
On Monday, the United States District Court in Chicago shared a plaintiff from Commodity Futures Trading Commission (CFTC) with its defendants who are Binance and its CEO and Founder. Changpeng Zhao, the CEO tries to submit a dismissal motion for the complaint that has been filed against them.
Reports portray that the response time limit was set till the 17th of July. Also, the complaint extends the addition of a new page limit:
‘.. given the complexity of the CFTC’s Complaint and the number of arguments Defendants anticipate making in support of their Motions to Dismiss.’
The accusation includes several violations of working with illegal virtual asset exchange in the nation. Binance and their prominent representatives intend to dismiss the court filing including the former chief compliance officer in Binance, Samuel Lim.
Back History of the Battle
The battle has begun in March when CFTC’s lawsuit was found disappointing to the crypto exchange which ended up suing Binance. Later, the U.S. Securities and Exchange Commission (U.S. SEC) sued Binance and its CEO, Changpeng Zhao in June. The SEC action is due to considering the violation of securities laws.
Current Status of Court Filing
The reason behind the complaint raised by CFTC is the alleged violations of the Commodity Exchange Act and some other federal regulations. Furthermore, the defendants wish to expand the page limit to 50 on Local Rule 7.1 for the Memoranda of Law which currently stands at 25 pages. Also, the opposition isn’t raised by CFTC counsel against the defendants.
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