Binance and CEO Changpeng Zhao intend to seek dismissal of CFTC complaint

Binance, Changpeng Zhao and former chief compliance officer Samuel Lim intend to file two motions to dismiss a March lawsuit filed by the CFTC.

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The crypto exchange Binance and its CEO Changpeng "CZ" Zhao plan to file a motion to dismiss a lawsuit filed in March by the US commodity regulator.

In a July 24 filing with an Illinois district court, multiple Binance entities, Zhao, and former compliance officer Samuel Lim said they plan to file two separate motions to dismiss the lawsuit by July 27.

“The foreign entities of Binance 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 portions of the motion filed by the foreign entities of Binance and Zhao,” the filing reads.

Binance is also seeking permission to exceed a 15-page limit on the brief that would be used to support its motion and has asked it to go up to 50 pages citing the complexity of the lawsuit against it.

An excerpt from Binance's filing requesting an increase in the 15-page limit. Source: CourtListener

"Given the complexity of the CFTC complaint and the number of arguments the defendants plan to make in support of their motions to dismiss, the defendants anticipate that their legal briefs in support of both motions will exceed the fifteen-page limit."

The Commodity Futures Trading Commission (CFTC) sued Binance and Zhao in March, alleging that the crypto exchange was not properly registered with the regulator.

The CFTC claimed that despite Binance preventing US residents from transacting on its platform, since at least 2019 it has knowingly transacted...