Binance and Changpeng Zhao To File Motions Compelling CFTC To Dismiss Lawsuit

Binance crypto exchange, and its CEO Changpeng Zhao are preparing to ask for the dismissal of the lawsuit filed by the Commodity Futures Trading Commission (CFTC) against the company.

The legal motions will be submitted by several Binance business entities, Zhao, and Binance’s former chief compliance officer Samuel Lim by July 27th.

The CFTC had filed a complaint against Binance in March, accusing them of several regulatory violations, including improper registration with the regulator.

The new court filing said the following:

“Defendants’ response to the complaint is due on July 27, 2023. The foreign Binance entities and Zhao intend to file a joint motion to dismiss the complaint. Lim intends to file a separate motion to dismiss the complaint, and join parts of the motion filed by the foreign Binance entities and Zhao.”

The motion requests an increase in the number of pages permitted for filing a dismissal motion from 15 to 50 due to the intricacies of the case.

The notes further explain that the CFTC’s complaint is complicated and the defendants anticipate making numerous arguments in support of their motions to dismiss, which will likely exceed the current page limit.

Therefore, they respectfully request an expansion of the page limit allowed by local rule 7.1 to a total of 50 pages.

The public sale, which reached its hard cap of $2.5 million, was met with a great deal of interest from investors, as demonstrated by an oversubscription rate of 990 times, according to data released by Binance.

There are 1 billion ARKM tokens in total, with 50 million of them allocated to Binance Launchpad at a sale price of $0.05 per token, which represents 5% of the total supply.

During the sale, Binance set a hard cap of $2.5 million and used a subscription format. Users’ BNB balances were tracked over a six-day period starting on July 11th to determine the final allocation of tokens.