Binance CEO Changpeng “CZ” Zhao have filed a petition requesting that the lawsuit made against him and his cryptocurrency exchange by the United States Securities and Exchange Commission (SEC) be dismissed.
According to a Sept. 21 filing to the United States District Court, both Binance Holdings and Zhao claimed that the financial regulatory had overstepped its authority in the lawsuit against them.
“In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws,” lawyers for Binance wrote in the 60-page petition.
In addition to Binance and Zhao’s petition, the American outfit of the crypto exchange, Binance.US also moved to have the charges made against it dismissed in a seperate 56-page filing made on the same day.
This is a developing story, and further information will be added as it becomes available.