• Binance, its founder Changpeng Zhao and compliance officer Samuel Lim were sued by the U.S. Commodity Futures Trading Commission (CFTC) in March, for allegedly operating a derivatives trading operation in the U.S.
• Binance is now asking a court to dismiss the CFTC’s lawsuit against it and its officers, with Lim intending to file a separate Motion to Dismiss as well.
• Ripple recently scored a partial win against the Securities and Exchange Commission (SEC), which may be seen as an attempt to shift attitudes towards the U.S regulatory environment.
Binance Sued By The CFTC
The CFTC sued Binance, its founder Changpeng Zhao and compliance officer Samuel Lim in a U.S. court in Illinois in March, alleging that the exchange operated a derivatives trading operation in the U.S.. Additionally, they were accused of directing their American employees to obscure their locations to evade restrictions.
SEC’s Temporary Restraining Order “Death Penalty”
The SEC asked for a temporary restraining order to be placed on all funds deposited at Binance US —the American arm of Binance—which was dubbed as “death penalty” by one of their lawyers . This order was never put into effect due to an agreement between both parties that would see Binance US assets and servers be put under only U.S.-based staff control.
Ripple’s Partial Win Against SEC
Ripple recently scored a partial win against the SEC when it came up with an innovative solution that allowed them not only contest but also partially succeed against the regulator’s charges . This move is seen as an attempt to shift attitudes towards the U.S regulatory environment .
Binace Intends To File Motion To Dismiss CFTC Complaint
In response to this situation , top crypto exchange Binance intends to ask a court dismiss the CFTC’s suit against it , with Samuel Lim also intending to file his own Motion To Dismiss separately . Both documents are due later this week , on July 27th .
Conclusion
By filing for motion dismissal , both parties are hoping for favourable decisions from courts while keeping their fingers crossed about potential outcomes regarding future regulations concerning similar cases within crypto industry .