July 27 (Reuters) – Binance and its CEO Changpeng Zhao have filed a movement to dismiss a grievance filed in opposition to the alternate by the U.S. Commodity Futures Buying and selling Fee (FTC), the corporate mentioned in a court docket submitting on Thursday.
The CFTC sued Binance, Zhao and former Chief Compliance Officer Samuel Lim in March alleging that they violated the Commodity Alternate Act and sure associated federal rules, and for working what the regulator mentioned was an “unlawful” alternate and a “sham” compliance program.
“The CFTC seeks to control the abroad actions of overseas firms and people based mostly on conclusory allegations that fail to determine jurisdiction over the defendants, fail to determine that the CFTC can implement the provisions cited within the grievance extraterritorially, and fail to plead important parts of its claims. The Court docket ought to dismiss the grievance in its entirety,” Binance mentioned.
Lim filed a separate movement to dismiss the CFTC claims in opposition to him.
The CFTC, which is answerable for the oversight of commodities and derivatives markets, together with for Bitcoin, didn’t instantly reply to a Reuters request for touch upon the submitting.
Reporting by Juby Babu in Bengaluru; Enhancing by Tom Hogue
Our Requirements: The Thomson Reuters Trust Principles.