CryptoMediaClub
Wednesday, July 30, 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

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei
Blockchain

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei

18.07.2025
0

Skip to content

Read moreDetails
Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

17.07.2025
LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

14.07.2025
Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

14.07.2025
Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
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

Over 75% of global institutions anticipate a successful cyber attack within a year

Over 75% of global institutions anticipate a successful cyber attack within a year

2 years ago
Canada Rejects CBDC and Develops National Payment Systems

Canada Rejects CBDC and Develops National Payment Systems

10 months ago
Swarm NFT Initiative Brings Gold-Backed Assets to Users Ahead of MiCA

Swarm NFT Initiative Brings Gold-Backed Assets to Users Ahead of MiCA

1 year ago
Japanese Crypto Exchange Bitbank Launches Global Investment Subsidiary

Japanese Crypto Exchange Bitbank Launches Global Investment Subsidiary

9 months ago

Categories

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

Highlights

Revolut Mulls Buying US Bank to Fast-Track American Licence: Report

China’s DeepSeek AI Predicts the Price of XRP, Dogecoin and Solana by the End of 2025

BlackRock says clear US rulebook turns stablecoins into payment method of the ‘future of finance’

South Korean Central Bank Unveils New ‘Cryptoassets Department’

Crypto Price Prediction Today 29 July – XRP, Cardano, Shiba Inu

ChatGPT’s 28-Indicator XRP Analysis: 95% ETF Odds Ignite Battle Over $3.11 Support Line

Trending

Bitcoin could target $141k if it breaks out of the $105k-$125k box
Analysis

Bitcoin could target $141k if it breaks out of the $105k-$125k box

30.07.2025
0

Bitcoin (BTC) remains boxed between $105,000 and $125,000, but a breakout could prompt prices toward $141,000, according...

AML Bitcoin Founder Sentenced to 7 Years for Fraud and Money Laundering

AML Bitcoin Founder Sentenced to 7 Years for Fraud and Money Laundering

30.07.2025
Turkish Ride-Hailing Giant Marti Announces Crypto Treasury Strategy, Allocates 20% to BTC

Turkish Ride-Hailing Giant Marti Announces Crypto Treasury Strategy, Allocates 20% to BTC

30.07.2025
Revolut Mulls Buying US Bank to Fast-Track American Licence: Report

Revolut Mulls Buying US Bank to Fast-Track American Licence: Report

30.07.2025
China’s DeepSeek AI Predicts the Price of XRP, Dogecoin and Solana by the End of 2025

China’s DeepSeek AI Predicts the Price of XRP, Dogecoin and Solana by the End of 2025

30.07.2025
  • 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