Binance founder demands dismissal of FTX’s $1.8 billion lawsuit

Binance founder Changpeng Zhao (CZ) has requested that the lawsuit filed by representatives of the bankrupt FTX cryptocurrency exchange, worth $1.76 billion, be dismissed. According to him, the US Supreme Court has no jurisdiction over him because he resides in the United Arab Emirates.

CZ lawyers emphasized that the dispute is cross-border in nature and that US bankruptcy laws do not take into account the interests of other countries.

The FTX lawsuit concerns a transaction from July 2021, when Binance sold its shares in the company. At that time, Zhao exchanged the shares for cryptocurrency assets, including FTT tokens. Representatives of the bankrupt platform believe that these funds were obtained illegally.

In his statement, Zhao points out that FTX is “groundlessly accusing” him of mistakes made by former CEO Sam Bankman-Fried. According to him, he cannot be sued in this case.

FTX continues to seek ways to recover assets, submitting requests to issuers and preparing new lawsuits against those who ignore the administrators’ instructions.

Let us recall that back in May, Binance filed a motion to dismiss the $1.76 billion lawsuit, calling it “legally unfounded” and demanding that the proceedings be terminated.