Binance Boss Changpeng Zhao Asks Court to Dismiss SEC Lawsuit

Binance CEO CZ has filed court papers in an attempt to have the US Securities and Exchange Commission’s lawsuit against the company dismissed.

The company filed a 60-page petition on September 21st, claiming that the financial regulator overstepped its authority when it sued them.

Binance was sued by the SEC in June for a variety of misdemeanors, including mishandling customer funds, misleading investors and regulators, and violating securities laws.

Binance and CZ have accused the SEC of “attempting to impose penalties retroactively, before it provided any public guidance regarding cryptocurrencies,” according to Bloomberg.

Binance CEO Responds

Binance’s lawyers wrote in the court filing:

“In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws.”