“Eeon”, which became famous for the lawsuit it filed against the US Federal Reserve in 2018, is involved in the legal battle between the SEC and Binance. The legal entity will make moves to defend the interests of customers.
“Eeon” intervenes in SEC and Binance lawsuit
According to the filing in the District Court for the District of Columbia, Eeon petitioned to fight the SEC lawsuit. The company claims that the SEC and Binance lawsuit hurt users, investors and employees:
As we are defined as “Customers” by the Court in its Decision issued on 17 June 2023, we are appropriate parties to this matter. As we are shareholders, investors and owners of cryptocurrencies held by Binance and its subsidiaries, we are not any “Customer” and we feel that our interests are not taken into account.
Eeon argues that cryptocurrencies are not securities. Instead, it claims to be commodities, saying, “We don’t treat these coins commercially.” She adds that there are no regulations for new types of commodities and that the SEC has no jurisdiction over cryptocurrencies.
Eeon also filed a series of charges against Binance. Accordingly, the exchange blocked withdrawals and access to cryptocurrencies without proper notice during the litigation process. On the SEC side, he accused the regulator of doing worse than protecting investors. Additionally, it requested the court to allow customers to access their suspended “property” on the platforms.
“Not considered money laundering”
According to the file, Eeon is preparing to defend Binance amid money laundering charges. The company argues that it is common practice for Binance to move its funds overseas. It also claims that these cannot be considered money laundering:
The court talks about holding our funds and wallets and how Binance USA funds its overseas subsidiaries from the US. Now, while there is nothing illegal per se in such activities, it is common practice to move funds overseas and this practice is not considered money laundering.
Clients seek compensation from Binance and SEC
According to Eeon, the SEC suing Binance without clear evidence negatively impacted the day-to-day activities of customers. The US regulator filed a sudden lawsuit against Binance and Binance.US on June 5th. Eeon is now demanding fines from both sides. It is asking Binance and the SEC to repay 20% of the daily value of the compounded withholding funds, or a total of $1,000 per client per day.
Additionally, Binance and the SEC will have equal liability to pay penalties of $500 by the SEC and $500 by Binance and its subsidiaries for their actions.
Meanwhile, Nevada-based legal entity “Eeon” has 30 years of experience in court cases. The company gained notoriety especially with the lawsuit filed against the US Federal Reserve in 2018.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.