Within the ongoing authorized battle between the Commodity Futures Buying and selling Fee (CFTC) and Binance, the defendants have filed a movement requesting permission to exceed the usual web page restrict for his or her response to the CFTC’s criticism. The movement was filed in the USA District Court docket for the Northern District of Illinois on July 24, 2023.
The defendants within the case embrace Binance Holdings Ltd., Binance Holdings (IE) Ltd., Binance (Providers) Holdings, Ltd. (collectively known as the “Overseas Binance Entities”), Changpeng Zhao, and Samuel Lim. They’ve requested the court docket for depart to file Memoranda of Regulation in assist of their Motions to Dismiss that exceed the usual fifteen-page restrict.
The CFTC had beforehand filed a 73-page, 236-paragraph criticism towards the defendants on March 27, 2023, alleging violations of the Commodity Change Act and sure associated federal laws. The defendants’ response to the criticism is due on July 27, 2023.
Given the complexity of the CFTC’s criticism and the variety of arguments the defendants anticipate making in assist of their Motions to Dismiss, they anticipate that their Memoranda of Regulation will exceed the fifteen-page limits. Due to this fact, they’ve requested an growth of the web page restrict as much as 50 pages collectively for the 2 Memoranda of Regulation.
The defendants argue that that is 25 pages lower than the mixed whole of 75 pages that they’d be entitled to underneath Native Rule 7.1 in the event that they every individually moved to dismiss the CFTC’s criticism.
The defendants’ counsel has conferred with counsel for the CFTC concerning this movement, and the CFTC doesn’t oppose the requested aid.
Binance and its founder, Changpeng Zhao, have lately come underneath elevated scrutiny from varied U.S. regulatory businesses.
On Might 5, 2023, the Justice Division started investigating whether or not Binance was used to let Russians illegally skirt US sanctions, based on Bloomberg.
On June 5, 2023, the Securities and Change Fee charged Binance and its founder, Changpeng Zhao, with quite a lot of securities regulation violations.
On June 8, 2023, U.S. Senators Chris Van Hollen and Elizabeth Warren despatched a letter to Legal professional Normal Merrick Garland asking the Division of Justice to research Binance for doubtlessly making false statements to Congress.
Picture supply: Shutterstock