Binance Customers’ Entity Demands Compensation

A Third-Party Entity Intervenes in Binance Lawsuit

A third-party entity called Eeon has intervened in the lawsuit filed by the United States Securities and Exchange Commission (SEC) against crypto exchange Binance.

As stated in the filing with the United States District Court for the District of Columbia, Eeon claims that the SEC and attorneys for Binance have failed to sufficiently represent the interests of the exchange’s customers, leading Eeon to seek representation for them.

Eeon Asserts Its Role in the Case

In the filing, Eeon asserted:

“We are the appropriate parties involved in this case, as the Court identified us as ‘Customers’ in its Order dated June 17, 2023. We are not ordinary customers; rather, we are stakeholders, investors, and owners of cryptocurrency held by Binance and its subsidiaries. We firmly believe that our interests were not adequately considered.“

Cryptocurrencies as Commodities

Eeon claims that cryptocurrencies should be deemed commodities, not securities, as they are predominantly utilized for personal and household use rather than commercial purposes. Additionally, Eeon highlights the absence of specific regulations for cryptocurrencies, which consequently limits the SEC’s jurisdiction over the assets.

Accusations against Binance and the SEC

Eeon claims Binance controls customers’ crypto assets by blocking access and withdrawals without proper notice. It argues that the SEC’s actions worsened the situation for investors instead of safeguarding their interests, accusing it of wrongly accusing customers of money laundering. Eeon requests a court order to grant customers access to their frozen assets on Binance platforms.