The motions were made known in a document the company sent to the court. The document is a request for authorization to increase the 15-page limit of a cryptocurrency exchange’s position statement to 50 pages. Binance explains: the limit has to be increased due to the complexity of the case brought against the company.
In March, the CFTC accused Binance of lacking U.S. registration and violating federal laws regulating commodities markets. In its lawsuit, the CFTC said Binance uses “proprietary accounts” to trade cryptocurrencies and manipulate asset prices. The general director of the exchange emphasized: all the mentioned transactions are simply an exchange of cryptocurrencies for fiat money or other assets to cover the costs of the platform.
Binance CEO Changpeng Zhao immediately reacted to the lawsuit filed in the Northern District of Illinois court. He said the exchange “does not try to make a profit at any cost and never manipulates the market”. Zhao said the charges were an “incomplete and incorrect statement of facts.”