Binance and CEO Changpeng Zhao Seek Dismissal of SEC Lawsuit, Claiming Overreach
Summary:
Binance CEO Changpeng "CZ" Zhao and Binance Holdings have requested the dismissal of a lawsuit initiated by the U.S. SEC, contending the financial watchdog has overstepped its authority. Both Binance and its U.S. counterpart, Binance.US, filed separate documents on the same day arguing for dismissal of the charges, with further updates on this ongoing matter awaited.
Changpeng "CZ" Zhao, CEO of Binance, has submitted a formal request for the dismissal of the lawsuit brought against himself and his cryptocurrency exchange by the United States Securities and Exchange Commission (SEC). A filing made on September 21 to the United States District Court revealed that Binance Holdings and Zhao argue that the financial watchdog exceeded its jurisdiction in the legal action taken against them. “The SEC is misconstruing the wording of the securities laws in its attempt to regulate the crypto sector," argues the legal demonstration drafted by Binance's lawyers in the extensive 60-page document. In addition to the request put forth by Binance and Zhao, the US branch of the cryptocurrency exchange, Binance.US, also submitted a distinct 56-page document demanding dismissal of the allegations raised against it on the same date. This story is ongoing and will be brought up to date as further details come to light.
Published At
9/22/2023 1:05:50 AM
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