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In a determined stand against the U.S. Commodity Futures Trading Commission’s (CFTC) lawsuit, Binance, the world’s largest cryptocurrency exchange, has filed a motion to dismiss the allegations. The CFTC had accused the platform of offering illegal derivative products to U.S. residents and failing to comply with anti-money laundering, customer protection, and registration requirements.
Binance’s response is unequivocal. The exchange firmly believes that the CFTC is overreaching its authority and jurisdiction by attempting to sue a foreign entity that does not operate within the United States or target U.S. customers. The exchange asserts that the CFTC’s allegations are based on unsubstantiated claims and attempt to regulate the activities of overseas corporations and individuals without proper grounds.
Binance responds to CFTC lawsuit saying CFTC is outside its legal jurisdiction, Binance does not operate in the US, CZ does not reside in the US, and the first six charges do not apply to foreign conduct. CoinDesk https://t.co/3rlcczXNkK
— Wu Blockchain (@WuBlockchain) July 28, 2023
Binance Lists Five Reasons for Its Request to Dismiss the CFTC’s Lawsuit
In a legal document filed on July 27, Binance lays out its five main arguments, as reported by Yahoo Finance. They include:
- Lack of Personal Jurisdiction: Binance contends that the CFTC has not demonstrated sufficient connections between the exchange, its CEO, Changpeng Zhao, and the United States to subject them to U.S. laws. As a global exchange, Binance maintains that its operations primarily serve an international clientele.
- Extraterritoriality: The exchange points out that the CFTC’s rules should not apply to transactions occurring outside U.S. borders unless they directly and significantly impact American commerce or markets. Binance argues that its derivative products cater to a global audience and are not specifically tailored for U.S. residents.
- Failure to State a Claim: Binance firmly denies the CFTC’s allegations of offering unregistered derivatives products in the U.S. or acting as an intermediary in such transactions. The exchange emphasizes its commitment to compliance and adherence to local regulations in each jurisdiction it operates in.
- Failure to Plead Scienter: Binance challenges the CFTC’s assertion that the exchange acted with intent or knowledge of any wrongdoing. The exchange maintains that it operates with transparency and strives to meet the highest regulatory standards.
- Failure to Plead Reliance: Binance questions the CFTC’s ability to prove that any customers relied on the exchange’s representations or omissions, resulting in harm. The exchange places great importance on providing a secure and reliable platform for its global user base.
They can’t stop thinking about us. 🤷♂️😂
— CZ 🔶 Binance (@cz_binance) July 28, 2023
Binance concludes its motion with a request to the court to dismiss the CFTC’s complaint with prejudice, seeking assurance that the lawsuit cannot be refiled.
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