Binance and Changpeng Zhao Look To File Motions Compelling the CFTC To Dismiss Lawsuit Against Crypto Exchange

Crypto exchange Binance and its CEO Changpeng Zhao are planning to submit legal motions requesting the dismissal of the Commodity Futures Trading Commission’s (CFTC) lawsuit against the company.

According to a new court filing, several Binance business entities, Zhao and Binance’s former chief compliance officer Samuel Lim intend to file two separate motions by July 27th asking the judge to dismiss the lawsuit.

The CFTC filed the complaint against Binance in March alleging a long list of regulatory violations, including that the exchange did not properly register with the regulator.

Says the new court filing,

“Defendants’ response to the complaint is due on July 27, 2023. The foreign Binance entities and Zhao intend to file a joint motion to dismiss the complaint. Lim intends to file a separate motion to dismiss the complaint, and join parts of the motion filed by the foreign Binance entities and Zhao.”

The motion also seeks to increase the permissible number of pages allowed in filing a dismissal motion from 15 pages to 50 due to the intricacies of the case.

Says the filing,

“But given the complexity of the CFTC’s complaint and the number of arguments defendants anticipate making in support of their motions to dismiss, defendants anticipate that their memoranda of law in support of the two motions will exceed the 15-page limits. Accordingly, defendants respectfully request an expansion of the page limit allowed by local rule 7.1 up to 50 pages collectively.”

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