The U.S. Commodity Futures Trading Commission overstepped its legal jurisdiction by suing Binance, the crypto exchange said in a motion to dismiss the lawsuit. nikhileshde reports
leans heavily on the view that the CFTC is overreaching in suing Binance, which does not operate in the U.S., and its CEO Changpeng"CZ" Zhao, who does not reside in the U.S., the filing said. The first six of the CFTC's charges"do not apply to the foreign conduct alleged here," and several of the charges don't meet the legal standards set out by statutory requirements, it added.
The seventh charge – that Binance is trying to evade the Commodity Exchange Act – should be dismissed because the agency likewise does not meet the requirements it needs, the filing said. "There is no dispute that the CFTC has no regulatory authority over spot trading even in the United States, let alone abroad," the motion to dismiss said."The issue posed by the CFTC’s complaint is whether, when Binance․com began offering additional products in or after 2019—by which point it had already begun to restrict and off-board potential U.S.
Binance's legal troubles in the U.S. include a lawsuit from the Securities and Exchange Commission , which the securities regulator filed last month.
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