Entity representing Binance customers seeks compensation

A 3rd-party entity known as Eeon has intervened in the lawsuit filed by the USA Securities and Change Fee (SEC) towards crypto change Binance.

As stated within the submitting with the USA District Courtroom for the District of Columbia, Eeon claims that the SEC and attorneys for Binance have did not sufficiently characterize the pursuits of the change’s customers, main Eeon to hunt illustration for them.

Within the submitting, Eeon asserted:

“We’re the suitable events concerned on this case, because the Courtroom recognized us as ‘Customers’ in its Order dated June 17, 2023. We’re not peculiar customers; relatively, we’re stakeholders, traders and house owners of cryptocurrency held by Binance and its subsidiaries. We firmly consider that our pursuits weren’t adequately thought of.“

Eeon claims that cryptocurrencies ought to be deemed commodities, not securities, as they’re predominantly utilized for private and family use relatively than business functions. Moreover, Eeon highlights the absence of particular rules for cryptocurrencies, which consequently limits the SEC’s jurisdiction over the property.

Eeon claims Binance controls customers’ crypto property by blocking entry and withdrawals with out correct discover. It argues that the SEC’s actions worsened the state of affairs for traders as a substitute of safeguarding their pursuits, accusing it of wrongly accusing customers of cash laundering. Eeon requests a court docket order to grant customers entry to their frozen property on Binance platforms.

Moreover, Eeon argues that offshore fund transfers are a standard and accepted follow, distinct from cash laundering. Numerous entities like e-commerce platforms, freelance companies, consulting companies, small export firms and journey companies routinely take part in worldwide cash transfers with out being related to cash laundering actions, it stated.

Associated: Binance headcount reduction hits 1,000 employees: Report

In its counterclaim, Eeon seeks compensation from Binance and the SEC, equal to twenty% of the every day worth of withheld funds per buyer, totaling $1000 per day. Moreover, each Binance and the SEC can be equally accountable for paying penalties, with $500 assigned to every.

Cointelegraph has reached out to Binance for extra info however is but to obtain a response.

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