"Good Binance, not weak and always acting fast."
Binance Chief Executive Officer (CEO) Chanpeng Zhao (CZ) and Samuel Lim who is Chief Compliance Officer (CCO) plan to dismiss the Commodity Futures Trading Commission (CFTC) lawsuit filed in March 2023.
According to yesterday's court filing, the response to the CFTC complaint will be executed on July 27, 2023, therefore Binance as a defendant who wants to submit a motion to dismiss the lawsuit has requested permission to write a motion exceeding 15 pages.
Earlier in March this year, the CFTC had alleged that Binance and CZ violated United States (US) derivatives regulations while expanding its footprint to become the world's largest crypto trading platform.
While the Securities and Exchange Commission (SEC) also accused Binance of mishandling customer funds, misleading investors and violating securities regulations, the crypto exchange has vehemently denied the allegations.
Following Binance currently facing regulatory investigations in various countries, the trading volume of spot digital assets on the crypto exchange has faced a decline.
CZ in July 2023 is trying to address concerns about the future of its platform after several executives left the company amid an ongoing regulatory crisis.
Despite having to overcome various challenges, Binance, which continues to focus on further development and progress, has listed Worldcoin (WLD) founded by Sam Altman, the CEO of OpenAI.
As of this writing, Binance Coin (BNB) has plunged by 1.85% to $237 in the last 24 hours with a market cap of $36 billion further recording a 1.64% decline over the last week.
