Binance resubmits motion to dismiss lawsuit: CFTC is not the global derivatives police

The lawsuit between Binance and CFTC is still pending, with both legal representatives actively engaging in the defense and offense.

Complete Analysis of CFTC's Lawsuit Against Binance | Binance Founder Zhao Changpeng & Former General Counsel Accused of Regulatory Violations, Seeking Permanent Trading Ban

Binance Pushes Back Against CFTC Lawsuit

According to legal documents submitted to the court on October 23, Binance and its CEO Changpeng Zhao's lawyers have systematically refuted the allegations made by the CFTC, with the motion to dismiss the lawsuit against the CFTC.

The lawyers argue:

• The CFTC failed to prove that Binance attempted to evade taxes

• The CFTC did not sufficiently allege any actual conduct in the United States

• Insufficient connection between Binance and the United States: The CFTC failed to demonstrate a significant connection between Binance and U.S. users

• Lack of jurisdiction by the CFTC: Binance is a foreign entity, and the CFTC lacks sufficient factual basis and legal arguments to establish foreign jurisdiction

Binance's Lawyers: CFTC is Not the Global Derivatives Police

The lawyers pointed out that if the CFTC's arguments are ultimately accepted by the court, it would effectively grant the CFTC oversight of global trading activities related to derivatives.

The U.S. Congress has not given the CFTC the authority to become the global derivatives police, and the court should reject the CFTC's attempt to expand its jurisdiction beyond actions limited to the United States.

In fact, Binance had previously filed a similar motion in July, accusing the CFTC of relying on inconsistent registration requirements and making unreasonable claims based on regulatory provisions never before used, urging the court to reject the CFTC's enforcement actions, but it seems to have not taken effect yet.

Binance counters that CFTC is severely overreaching, and demands the court to dismiss the seven charges