The Binance team decided to submit two motions in court to dismiss the CFTC suit.
Binance is an international crypto exchange. The services of this exchange are available globally, either directly or subsidiary. In March of this year, the Commodities Futures Trading Commission (CFTC) sued Binance Exchange. The CFTC body alleged that the Binance exchange provided unregistered derivatives trading in the US jurisdiction, despite its Binance services being banned for American citizens.
On 24 July 2023, A court filing showed that Binance entities confirmed that they planned to file two separate motions to dismiss the CFTC’s suit before 27 July.
The filing also asked for an increment in the number of supporting brief pages, which is limited to 15 pages. Through the request, Binance entities requested to exceed the limit by 50 pages.
According to some media reports, it will not be easy for Binance to dismiss the case in a short period but there is a huge probability that Binance will settle the case with the US CFTC body.
SEC vs Binance
In early June of this year, the United States Securities Exchange Commission (SEC) sued Binance, Binance subsidiary Binance, and Binance CEO Changpeng Zhao (CZ) over providing unregistered securities offerings and operating an unregistered national exchange.
The US SEC body is a very dominant financial regulator in the US jurisdiction and is also known as a crypto hater. So there are huge chances that Binance will blindly settle the case, as the SEC body can extend the case for several years, as already happened in the XRP lawsuit.
Binance Coin (BNB)
Binance coin (BNB) is a native token of the Binance crypto exchange, operated by an independent crypto team. BNB coin runs on the Bep20 & Bep2 network.
The current trade price of BNB coin is $239 & this trade price is 2.63% down over the last 7 days of trade price.
Read also: Elon Musk puts the Dogecoin symbol in his Twitter profile
Binance plans to file motions to dismiss the CFTC suit
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