Binance, the world's largest cryptocurrency exchange, has filed a motion to dismiss its case with the US Commodity Futures Trading Commission (CFTC).
Last Thursday, July 27, Binance filed a new motion. According to the exchange, most of the charges are "extraterritorial." That means they believe the charges fall outside the purview of US law and the CFTC.
In a similar vein, they assert that the crypto business is exempt from the regulations of conventional finance. According to Binance, the CFTC must either make rules or petition Congress for relief.
The CFTC has charged Binance with purposefully evading US laws starting in at least July 2019 to offer an international derivatives platform to US customers.
In response, Binance stated that it had already taken action to bar US consumers from using its services starting in June 2019. Binance's action requires a response from the CFTC by or before September 22.