{"id":180238,"date":"2023-10-24T23:35:37","date_gmt":"2023-10-24T18:05:37","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=180238"},"modified":"2023-10-24T23:35:37","modified_gmt":"2023-10-24T18:05:37","slug":"binance-pushes-back-on-cftc-lawsuit-with-new-filing-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-pushes-back-on-cftc-lawsuit-with-new-filing-crypto-news\/","title":{"rendered":"Binance Pushes Back on CFTC Lawsuit with New Filing – Crypto News"},"content":{"rendered":"

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Binance cryptocurrency exchange and its CEO Changpeng \u201cCZ\u201d Zhao are again challenging the United States Commodity Futures Trading Commission (CFTC). They have filed statements aiming to dismiss a lawsuit presented by the regulator earlier in March.\u00a0<\/span><\/p>\n

In an October 23rd document to the U.S. District Court for the Northern District of Illinois, their lawyers have <\/span>questioned the CFTC\u2019s<\/span><\/a> global regulatory reach. Specifically, they argue that by the CFTC\u2019s logic, it could regulate any global cryptocurrency activity tied to a derivatives product. \u201cCongress did not make the CFTC the world\u2019s derivatives police,\u201d emphasized the filing, highlighting the perceived overreach.<\/span><\/p>\n

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Binance Urges Dismissal of CFTC Case<\/strong><\/h2>\n

Moreover, the legal representatives of Binance and CZ meticulously critiqued each count raised by the CFTC. They underscored the regulator\u2019s approach as \u201cpursuing a novel theory\u201d, especially in their anti-evasion claim. Consequently, the lawyers believe many of these counts fail to meet standard criteria. Hence, the attorneys strongly urged the court to \u201cdismiss the Complaint with prejudice\u201d.<\/span><\/p>\n

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However, this is only one instance where Binance has asked for the case to be dropped. In July, they <\/span>presented a similar argument, <\/span><\/a>emphasizing that the CFTC surpassed its regulatory bounds. Additionally, it\u2019s essential to note that Binance faces scrutiny from another key player, the U.S. Securities and Exchange Commission (SEC). They lodged a lawsuit against the crypto titan in June.<\/span><\/p>\n

Polygon Network Hosts Binance USDC Integration<\/strong><\/h2>\n

Besides the legal battles, Binance has been actively enhancing its platform offerings. Recently, it declared an<\/span> upcoming support<\/span><\/a> feature for Circle\u2019s native USDC stablecoin. This integration will be channeled through the Polygon blockchain network. Significantly, the exchange will soon activate deposits and withdrawals for USDC, ensuring timely notifications for its users. The coin\u2019s version, USD Coin (PoS) (USDC.e), has already received backing from Binance. Henceforth, it will be recognized under the MATICUSDCE ticker.<\/span><\/p>\n

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Read Also: <\/b>Ripple Labs Taps Uphold for Cross-Border Liquidity Service<\/span><\/a><\/p>\n

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Binance cryptocurrency exchange and its CEO Changpeng \u201cCZ\u201d Zhao are again challenging the United States Commodity Futures Trading Commission (CFTC). They have filed statements aiming to dismiss a lawsuit presented by the regulator earlier in March.\u00a0 In an October 23rd document to the U.S. District Court for the Northern District of Illinois, their lawyers have […]<\/p>\n","protected":false},"author":2,"featured_media":155848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-180238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=180238"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180238\/revisions"}],"predecessor-version":[{"id":180240,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180238\/revisions\/180240"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/155848"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=180238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=180238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=180238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}