Binance customers represented by entity, citing inadequate representation

A third-party entity named “Eeon” has actually advance to intervene in the case, representing the interests of Binances clients regarding the claim submitted by the United States Securities and Exchange Commission (SEC) against Binance.As stated in the filing with the District Court for the District of Columbia, Eeon declares that the SEC and Binances lawyers have stopped working to sufficiently represent the interests of Binances consumers, leading Eeon to seek representation for them.In the filing, Eeon asserted, ” We are the proper parties associated with this case, as the Court identified us as Customers in its Order dated June 17, 2023. We are not common consumers; rather, we are stakeholders, financiers and owners of cryptocurrency held by Binance and its subsidiaries. We firmly think that our interests were not adequately considered.” Eeon contends that crypto coins ought to be deemed products, not securities, as they are mainly used for individual and family use rather than business functions. Additionally, Eeon highlights the absence of particular guidelines for this emerging commodity category, which as a result restricts the SECs jurisdiction over cryptocurrencies.Eeon claims Binance manages clients crypto possessions by blocking gain access to and withdrawals without appropriate notice. They argue that the SECs actions got worse the circumstance for financiers instead of safeguarding their interests, accusing the SEC of mistakenly accusing clients of cash laundering. Eeon requests a court order to grant consumers access to their frozen assets on Binance platforms.Screenshot of the court filing. Source: Court ListenerAdditionally, Eeon argues that overseas fund transfers are a common and accepted practice, unique from money laundering. Different entities like e-commerce platforms, freelance services, seeking advice from firms, little export companies and travel bureau routinely take part in worldwide cash transfers without being related to cash laundering activities.Related: Binance headcount decrease hits 1,000 staff members: ReportIn its counterclaim, Eeon looks for payment from both Binance and the US SEC, equivalent to 20% of the daily worth of kept funds per consumer, totaling $1000 daily. Additionally, both Binance and the US SEC would be similarly responsible for paying penalties, with $500 designated to the United States SEC and $500 allocated to Binance and its subsidiaries.Cointelegraph has connected to Binance to find out more on this case however is yet to receive feedback at the time of this publication.Magazine: Binance cautions on Maverick FOMO, Poly hack: Asia Express