Binance and its CEO Changpeng Zhao have filed a motion to dismiss a complaint against the cryptocurrency exchange by the U.S. Commodity Futures Trading Commission (CFTC), the company said in a court filing on Thursday.
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.
Binance, the world's largest cryptocurrency exchange, said the CFTC's case should be dismissed because it sought to regulate foreign individuals and corporations that reside and operate outside the United States. It also quoted a 2007 ruling that stated: "United States law governs domestically but does not rule the world."The CFTC's complaint said that from at least July 2019, Binance "offered and executed commodity derivatives transactions on behalf of U.S. persons" in violation of U.S. laws.
In its reply, Binance said that by June 2019, Binance.com had begun implementing steps to restrict and off-board potential U.S. users and ensure that new users were not U.S. persons. "Importantly, Binance.com did not begin to offer the alleged digital asset derivative products until July 2019 and later —after it began to restrict and off-board potential U.S. users," the company said.The CFTC, which is responsible for the oversight of commodities and derivatives markets, including for Bitcoin, did not immediately respond to a request for comment on the filing.by the U.S.
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