Binance Takes On CFTC, Seeks Dismissal of Lawsuit

Binance and its Founder and CEO, Changpeng Zhao, are
planning to seek the dismissal of a case filed by the Commodity Futures Trading
Commission (CFTC) in March. According to a court document filed yesterday
(Monday), the crypto exchange and Zhao are expected to respond to the complaint on July
27.

The CFTC is accusing the company and its founder of violating federal regulations
related to the issuance of commodities. Particularly, the regulator claims that
Binance violated the Commodity Exchange Act by allegedly operating an illegal exchange
lacking adequate compliance procedures.

Additionally, the CFTC claims that Binance offered and facilitated transactions of commodity derivatives on behalf of users in the US against the laws. The lawsuit mentioned Samuel Lim, Binance’s former Chief Compliance Officer, as a defendant in the case for allegedly abetting the violations. However, Lim reportedly plans to seek a dismissal of the charges levelled against him.

Filed before the US District Court in Illinois, the
CFTC said in the lawsuit: “For years, Binance knew it was violating CFTC
rules, working actively to keep the money flowing, and avoiding compliance
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
Read this Term. This
should be a warning to anyone in the digital asset world that the CFTC
CFTC
…