CryptoMediaClub
Sunday, July 6, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Binance Challenges CFTC’s Jurisdiction in the Latest Legal Battle

29.07.2023
A A
0
127
VIEWS
ShareShare

In a bid to combat the charges brought against it by the Commodity Futures Trading Commission (CFTC), global cryptocurrency giant Binance, along with former chief compliance officer Samuel Lim, has filed motions seeking dismissal on the grounds of jurisdiction. The civil case, which alleges illegal operations and involvement in illicit transactions, has drawn significant attention in the crypto world and could have far-reaching implications for Binance’s operations in the U.S.

Binance and Samuel Lim Assert a Lack of Jurisdiction

Binance, a prominent player in the international crypto scene, has taken a firm stand against the charges leveled by the CFTC. In motions filed late Thursday, the company and its former chief compliance officer, Samuel Lim, contend that several of the charges are beyond the CFTC’s jurisdiction. The memorandum supporting Lim’s motion to dismiss highlights that the allegations against him lack the necessary link to the United States, effectively challenging the CFTC’s authority in the case.

“Impermissibly Extraterritorial” Claims

The legal battle intensifies as Binance further asserts that some of the CFTC’s charges are “impermissibly extraterritorial.” The company’s primary operations are not based in the United States, and it argues that the CFTC’s attempt to assert jurisdiction over certain aspects of its activities outside the country is legally unsound.

A Crucial Case with Potential Consequences

The CFTC’s case, initiated in March, centers on allegations that Binance knowingly operated its main trading platform unlawfully in the U.S. and facilitated illegal transactions. Besides seeking monetary penalties, the suit could potentially lead to a ban on Binance and its executives from conducting business in the United States, which could significantly disrupt Binance’s operations in the country.

Binance US and CEO ‘CZ’ Zhao Face SEC Action

Adding to the complexities, Binance US, along with Binance and CEO Changpeng ‘CZ’ Zhao, faces a parallel enforcement action by the Securities and Exchange Commission (SEC). The SEC’s suit accuses Binance of redirecting customer assets and raises concerns about the handling of funds similar to allegations against rival executive Sam Bankman-Fried and FTX.

High-Stakes Legal Maneuvers

The legal wrangling between Binance, the CFTC, and the SEC has intensified, with both sides submitting an unusual amount of internal communication as evidence. In particular, an exchange between Binance executives in the CFTC’s complaint has drawn attention for its alleged facilitation of transactions by the Palestinian group Hamas, a U.S.-sanctioned terrorist organization.

Awaiting Resolution in U.S. District Court

The CFTC’s case against Binance and Samuel Lim is currently pending in the U.S. District Court for the Northern District of Illinois. Although an initial hearing was scheduled for Thursday, the judge waived the need for it due to the extensive filings presented by both parties in the case.

Binance’s legal battle against the CFTC underscores the complexities of regulating a global cryptocurrency giant. The outcome of this high-stakes case could have significant implications for the crypto industry, particularly in relation to the jurisdictional boundaries of U.S. regulatory authorities. As the court proceedings unfold, the crypto community eagerly awaits the resolution of this pivotal legal dispute.

The post Binance Challenges CFTC’s Jurisdiction in the Latest Legal Battle appeared first on BitcoinWorld.

Share10Tweet6ShareSharePin2

Related Posts

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift
Blockchain

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift

04.07.2025
0

Skip to content

Read moreDetails
Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

03.07.2025
Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

03.07.2025
Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

30.06.2025
Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

25.06.2025
Load More
Next Post
How the Stablecoin Supply Ratio Helps Determine BTC Market Trends

How the Stablecoin Supply Ratio Helps Determine BTC Market Trends

1 1 vote
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Bybit Enhances Security Measures After Largest Hack in Crypto Market History

Bybit Enhances Security Measures After Largest Hack in Crypto Market History

1 month ago

Cardano’s Growth Fueled by Stablecoins, Yet ADA Faces Price Challenges

2 years ago
Crypto Analyst Predicts Bullish Momentum For Shiba Inu (SHIB)

Crypto Analyst Predicts Bullish Momentum For Shiba Inu (SHIB)

2 years ago

Cathie Wood Explains How Bitcoin Can Reach $1.5 Million By 2030

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

Ripple (XRP) Holders Achieve Financial Freedom by Starting Dogecoin (DOGE) Mining Machines through Blockchain Cloud Mining

PEPE Whales Accumulate Amid Market Volatility: Is a 200x Rally Coming?

Bitcoin Cash Futures Jump 24% as Active Addresses Hit Six-Year Low – Risk Ahead?

Bitcoin Price Prediction: Whispers of Satoshi After 80,000 BTC Move – Market Sentiment Shift?

Abstract and K-Pop Agency Modhaus Partner to Give Fans a ‘Real Seat at the Table’

Trending

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals
All news

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

06.07.2025
0

Mercado Bitcoin, one of Latin America’s largest crypto exchanges, announced plans to tokenize $200 million worth of...

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

06.07.2025
Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

06.07.2025
Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

06.07.2025
Ripple (XRP) Holders Achieve Financial Freedom by Starting Dogecoin (DOGE) Mining Machines through Blockchain Cloud Mining

Ripple (XRP) Holders Achieve Financial Freedom by Starting Dogecoin (DOGE) Mining Machines through Blockchain Cloud Mining

06.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz