Crypto Exchange Binance, CEO Zhao Ask Court to Dismiss SEC Suit

Binance Holdings Ltd. and Chief Executive Officer Changpeng “CZ” Zhao filed court papers Thursday seeking to have a lawsuit against them by the US Securities and Exchange Commission dismissed.

Binance and Zhao, in a 60-page petition, claimed that the agency overstepped its authority in suing them. The SEC alleged a range of allegations, including mishandling customer funds, misleading investors and regulators, and breaking securities rules. In calling to dismiss the lawsuit, Binance and Zhao accused the regulator of attempting to impose penalties retroactively, before it provided any public guidance regarding cryptocurrencies.

“In attempting to claim regulatory power over ...