Binance and its chief executive officer Changpeng Zhao are intending to file motion which asks a court of law to dismiss a lawsuit raised from the United States Commodity Futures Trading Commission (CFTC).

A July 24th filing to an Illinois District Court presents the plans of multiple Binance entities alongside the crypto exchange’s CEO and former Chief Compliance Officer Samuel Lim for filing two separate motions in efforts to dismiss the complaint.

According to the filing:

“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.”

In addition to that, Binance seeks to receive permission to exceed the 15-page limit on the brief to up to 50 pages, attributing the need for that towards the complexity of CFTC’s lawsuit brought forward in March.

“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 fifteen-page limits,” the filing read.

In March, the CFTC sued Binance and Changpeng Zhao for allegedly not registering as a legal cryptocurrency exchange with the regulator, with the CFTC also claiming that Binance conducted transactions in multiple cryptocurrencies for U.S. residents and intentionally violated national laws.

Sources:

https://cointelegraph.com/news/binance-ceo-plans-motion-dismiss-cftc-complaint-lawsuit

https://www.reuters.com/technology/binance-ceo-plan-seek-dismissal-cftc-complaint-2023-07-25/