Cryptocurrency exchange Binance, CEO Changpeng Zhao plan to seek dismissal of CFTC complaint
Binance, and its chief executive officer and founder Changpeng Zhao are planning to seek dismissal of a Commodity Futures Trading Commission (CFTC) complaint accusing the exchange of violating the Commodity Exchange Act and certain related federal regulations. Binance is due to submit its response to the CFTC complaint on July 27 and plans to seek dismissal, according to a court filing on Monday.
The CFTC in March sued Binance, the world's biggest crypto exchange, and Zhao for operating what the regulator alleged was an «illegal» exchange and a «sham» compliance program. In its complaint, the CFTC said that from at least July 2019 to the present, Binance «offered and executed commodity derivatives transactions on behalf of US persons» in violation of US laws.
The CFTC and Binance did not immediately respond to Reuters' request for comment. Binance and Zhao were also sued by the US Securities and Exchange Commission (SEC) in June for allegedly operating a «web of deception,» listing 13 charges against Binance, Zhao and the operator of its purportedly independent US exchange.
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