Binance Plans to Request Court to Reject CFTC Lawsuit

Binance, a top cryptocurrency exchange, plans to ask a court to reject a lawsuitfiled against it by the U.S. Commodity Futures Trading Commission (CFTC). The CFTC filed this lawsuit in March.

The CFTC claims that Binance, its founder Changpeng Zhao, and officer Samuel Lim ran a trading business in the U.S. They say Binance told its American workers to hide their locations to avoid rules.

The Securities and Exchange Commission (SEC) also filed a lawsuitagainst Binance. Planning to temporarily stop all money going into Binance.US, the company's U.S. branch. This order didn't happen because Binance.US and the SEC made a deal that allowed only U.S. staff to manage Binance.US's money and servers.

Views on U.S. regulations have changed recently sinceRipple, another company, won part of its case against the SEC earlier in July.

Binance will respond to the CFTC’s lawsuit on July 27. The filing didn't give details of Binance's defense, only that they want more than the usual 15 pages for their argument because the case is complex. Samuel Lim also plans to ask the court to dismiss the case.