Will Binance & Changpeng Zhao file a motion to dismiss CFTC lawsuit?

Binance, Changpeng Zhao and former compliance chief Samuel Lim intend to file two motions to dismiss a March lawsuit from the CFTC. Crypto exchange Binance and its CEO, Changpeng “CZ” Zhao, are planning to file a motion asking a court to dismiss a lawsuit from the United States commodities regulator.

Will Binance's CFTC lawsuit be dismissed?

Binance Holdings Ltd., its founder Changpeng Zhao and the crypto exchange’s former Chief Compliance Officer Samuel Lim plan to seek the dismissal of a Commodity Futures Trading Commission lawsuit. The response to the CFTC complaint is due July 27 and the defendants intend to submit motions to dismiss, according to a court filing on Monday.

Why did the CFTC Sue Binance & Zhao?

The CFTC sued Binance, Zhao and former Chief Compliance Officer Samuel Lim in March, alleging they violated the Commodity Exchange Act and certain related federal regulations, and for operating what the regulator said was an "illegal" exchange and a "sham" compliance program.