Binance and CZ renew calls to dismiss CFTC lawsuit
Lawyers representing Binance and its CEO, Changpeng “CZ” Zhao, have filed statements in support of a motion to dismiss a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC) in March.
In an Oct. 23 filing in the U.S. District Court for the Northern District of Illinois, CZ’s and Binance’s attorneys made several legal claims arguing for the dismissal of the CFTC’s case against the crypto exchange. According to the legal teams, the regulator’s arguments, if accepted by the court, “would allow it to regulate any activity in cryptocurrency […] related to a derivatives product” across the globe.
“Congress did not make the CFTC the world’s derivatives police, and the Court should reject the agency’s effort to expand its territorial reach beyond what is permitted by the law,” said the filing.
Binance’s and CZ’s lawyers also went after each of the individual counts brought by the CFTC, arguing the regulator was “pursuing a novel theory” in an anti-evasion claim and failed to meet the standards for others. The attorneys called on the court to “dismiss the Complaint with prejudice.”
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The CFTC lawsuit, first filed in March, alleged that Binance failed to register with the regulator in violation of rules on derivatives trading. According to the CFTC, CZ was aware that Binance had solicited customers based in the United States, requiring the exchange to be in compliance with regulatory requirements.
Binance lawyers made a similar filing in July to dismiss the case, arguing at the time that the CFTC exceeded its regulatory authority. The crypto exchange also faces a lawsuit from the U.S. Securities and Exchange Commission filed in June.
The deal was announced in response to the White House’s recent policy strategy to make the United States the AI capital of the world.
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Safeguarding minister Jess Phillips has told Sky News that councils that believe they don’t have a problem with grooming gangs are “idiots” – as she denied Elon Musk influenced the decision to have a national inquiry on the subject.
The minister said: “I don’t follow Elon Musk’s advice on anything although maybe I too would like to go to Mars.
“Before anyone even knew Elon Musk’s name, I was working with the victims of these crimes.”
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Elon Musk. Pic: Reuters
Mr Musk had called Ms Phillips a “rape genocide apologist” in one of a series of inflammatory posts on X in January and said she should go to jail.
Mr Musk, then a close aide of US President Donald Trump, sparked a significant political row with his comments – with the Conservative Party and Reform UK calling for a new public inquiry into grooming gangs.
At the time, Ms Phillips denied a request for a public inquiry into child sexual exploitation in Oldham on the basis that it should be done at a local level.
But the government announced a national inquiry after Baroness Casey’s rapid audit on grooming gangs, which was published in June.
Asked if she thought there was, in the words of Baroness Casey, “over representation” among suspects of Asian and Pakistani men, Ms Phillips replied: “My own experience of working with many young girls in my area – yes there is a problem. There are different parts of the country where the problem will look different, organised crime has different flavours across the board.
“But I have to look at the evidence… and the government reacts to the evidence.”
Ms Phillips also said the home secretary has written to all police chiefs telling them that data collection on ethnicity “has to change”, to ensure that it is always recorded, promising “we will legislate to change the way this [collection] is done if necessary”.
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Operation Beaconport has since been established, led by the National Crime Agency (NCA), and will be reviewing more than 1,200 closed cases of child sexual exploitation.
Ms Phillips revealed that at least “five, six” councils have asked to be a part of the national review – and denounced councils that believed they don’t have a problem with grooming gangs as “idiots”.
“I don’t want [the inquiry] just to go over places that have already had inquiries and find things the Casey had already identified,” she said.
She confirmed that a shortlist for a chair has been drawn up, and she expects the inquiry to be finished within three years.
Ms Phillips’s comments come after she announced £426,000 of funding to roll out artificial intelligence tools across all 43 police forces in England and Wales to speed up investigations into modern slavery, child sex abuse and county lines gangs.
Some 13 forces have access to the AI apps, which the Home Office says have saved more than £20m and 16,000 hours for investigators.
The apps can translate large amounts of text in foreign languages and analyse data to find relationships between suspects.
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