Binance and CZ claim CFTC oversteps jurisdiction in legal filing, call for lawsuit dismissal.
have requested the dismissal of the lawsuit filed by the United States Commodities and Futures Trading Commission on Thursday, July 27. The legal representatives of Binance and Zhao submitted the motion for the lawsuit's dismissal in the Chicago court., the attorneys have accused the CFTC of exceeding its regulatory authority and engaging in regulatory overreach.
The motion to dismiss argues that the CFTC lacks regulatory authority over spot trading, both domestically and internationally. It questions whether Binance․com should be subject to specific registration and regulatory compliance provisions of the CEA and CFTC regulations based on its introduction of additional products after 2019 and its prior restriction of potential U.S. users.
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