The entity known as Eeon has entered the legal battle between the United States Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance. Eeon claims that the SEC and Binance have not adequately represented the interests of the exchange’s customers and seeks to represent them. Eeon argues that cryptocurrencies should be classified as commodities rather than securities and points out the lack of specific regulations for cryptocurrencies, limiting the SEC’s jurisdiction. Eeon also accuses Binance of controlling customers’ crypto assets by blocking access and withdrawals without notice. It requests a court order to grant customers access to their frozen assets. Additionally, Eeon argues that offshore fund transfers are a common practice and not indicative of money laundering. In its counterclaim, Eeon seeks compensation from Binance and the SEC, equivalent to 20% of the daily value of withheld funds per customer, totaling $1000 per day. Both Binance and the SEC would be equally responsible for paying penalties. Binance has not yet responded to requests for comment.
Summary:
– Eeon intervenes in the SEC’s lawsuit against Binance, claiming inadequate representation of customers’ interests.
– Eeon argues that cryptocurrencies should be considered commodities, not securities, due to their predominant personal use.
– Eeon highlights the lack of specific regulations for cryptocurrencies, limiting the SEC’s jurisdiction.
– Eeon accuses Binance of controlling customers’ crypto assets and requests a court order for access to frozen assets.
– Eeon argues that offshore fund transfers are common and not indicative of money laundering.
– Eeon seeks compensation from Binance and the SEC, equivalent to 20% of withheld funds per customer, totaling $1000 per day.
