Binance Challenges CFTC’s Lawsuit, Defending Its Global Reach
Binance has taken a firm stance by submitting a motion to dismiss the U.S. Commodity Futures Trading Commission’s (CFTC) lawsuit against them.
The global cryptocurrency exchange is adamant that the CFTC’s attempt to extend its regulatory authority beyond the United States is unwarranted. Binance’s latest legal filing emphasizes the CFTC’s overreaching jurisdiction and accuses them of trying to regulate foreign entities and individuals operating outside the United States, disregarding the bounds set by the U.S. Commodity Exchange Act.
Binance contends that Congress did not appoint the CFTC as the global derivatives enforcer and calls for the dismissal of the lawsuit, citing reasons including impermissible extraterritorial claims. The exchange warns against using this case as a means to achieve worldwide regulatory reach, stating that such an expansion would have far-reaching consequences not intended by Congress. Binance’s legal battles this year include lawsuits from the SEC and an ongoing U.S. Justice Department investigation for suspected sanctions violations.
Clever Robot News Desk 27th October 2023
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