Binance takes the expected CFTC step

Binance exchange, which has experienced problems with many regulatory institutions in the United States, especially the SEC and CFTC, has taken the step that it officially announced recently. The exchange has asked a federal judge to dismiss the lawsuit filed by the CFTC.

Binance, considered the world's largest cryptocurrency exchange, has made its expected move against the US Commodity Futures Trading Commission and demanded that the case be dropped.

In the official lawsuit petition filed yesterday, Samuel Lim, the firm's compliance manager, stated that the CFTC does not have authority over some of the accusations against the stock exchange and CEO Zhao.

Lim's 17-page file submitted to a federal judge argued that the charges were not related to the United States:

The things that Mr. Lim has done or failed to do are related to the outside of the United States. The accusations made have no connection with Mr. Lim and the United States.”

“The parent company is not in the USA. CZ doesn't live here”

One of the most important points Binance defended was that the company where the Binance brand is located is not based in the United States. CEO, it was stated that Zhao also does not live in the United States:

“The charges certainly exceed the jurisdiction of the CFTC. Binance is not a company operating in the USA. Changpeng Zhao, the CEO, also does not live in the United States. Some of the accusations also do not meet legal standards.”

"He has no authority even in spot transactions”

One of Binance's responses to the CFTC was related to spot transactions. Stating that the CFTC does not even have the authority to look into such transactions, the stock exchange's file contained the following statements:

“It is clear that the CFTC does not even have jurisdiction over spot transactions in the United States. There is not even a discussion here. The CFTC's charge is whether Binance․com started restricting and disabling prospective U.S. users in 2019 or later. During the ongoing period of this investigation, which was initiated several years ago, the company voluntarily provided a lot of information to the CFTC. Therefore, there is no secret activity from the CFTC. This charge is also being dropped.” #BNB #Binance #czbinance