Binance CEO Changpeng Zhao / Photo credit: Binance
Binance and its CEO, Changpeng Zhao, have sought to dismiss a complaint lodged against them by the US Commodity Futures Trading Commission (CFTC), Reuters reported, citing a court filing.
In the filing, Binance said the government body is enforcing its regulations on the international activities of companies not based in the US. The crypto major’s holding company is based in the Cayman Islands.
The CFTC had sued Binance, along with Zhao and Samuel Lim, the chief compliance officer of Binance, for allegedly violating the Commodity Exchange Act. Lim had filed to dismiss CFTC’s claims separately, according to the report.
Earlier this month, Patrick Hillmann, Binance’s chief strategy officer, announced his exit from the company amid its regulatory troubles. Its general counsel Hon Ng and US-based chief business officer Yibo Ling also recently left their posts.
Last month, the US Securities and Exchange Commission also accused Binance and Zhao of breaking securities rules, including operating unregistered exchanges. Binance followed up by saying it was going to “vigorously” defend its business from the lawsuit and mentioned that the SEC was “limited in reach” as Binance is not based in the US.
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Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Editing by Dhania Putri Sarahtika
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