The entity called Eeon seeks reimbursement from Binance and US SEC, equal to 20% of the funds hold by consumers per day, totaling $1000 per day.
Eeon, a third-party entity has been involved in the lawsuit filed by the US Securities and Exchange Commission violating crypto exchange Binance.
Eeon allege that SEC and lawyers for Binance have collapsed to adequately constitute the interest of the exchange’s users, urging Eeon to seek representation for them, reported in the filing with the United States District Court for the District of Columbia.
In the filling Eeon claimed that they are applicable parties taking part in this case, as the Court recognized them as ‘customers’ in its order on June 17,2023. They are not typical customers, instead, they re stakeholders, investors and owners of the cryptocurrency grasp by Binance and its subsidiaries. They firmly assume that their interests were not sufficiently considered.
Eeon asserted that cryptocurrencies should be considered commodities, not securities, as they are mainly employing for personal and household use instead of commercial purposes. In addition to this, Eeon reported that lack of certain regulations for cryptocurrencies, which therefore limits the SEC’s jurisdiction over the assets.
Eeon intimates Binance monitors users’ crypto assets by blocking approach and discontinuation without proper notice. It declares that the SEC’s steps aggravated the situation for investors rather than of protecting their interest, alleging it of erroneously accusing customers of money laundering. Eeon petitions a court order to grant users an approach to their seized assets on Binance platforms.
Furthermore, Eeon asserts that offshore fund shifts are a common and accepted practice, well-defined from money laundering. Several entities such as e-commerce platforms, consulting firms, freelance services, travel agencies and small export companies regularly take part in international money transactions without being related to money laundering activities, it added.
In its crossclaim, Eeon seeks reimbursement from Binance and the SEC, equal to 20% of the funds that users hold daily, totaling $1000 per day. In addition to this, both Binance and the SEC would be responsible for paying penalties equally, with $500 imposed to each.
