SEC and Binance United in Opposition to Eeon’s Lawsuit Intervention

Amid a storm of legal troubles, an unlikely alliance has formed between the U.S. Securities and Exchange Commission (SEC) and cryptocurrency exchange giant Binance. The duo has joined forces against Eeon, a mysterious entity attempting to intervene on behalf of the customers in the ongoing SEC lawsuit against Binance.

In responses submitted to the U.S. District Court for the District of Columbia, both the SEC and Binance have voiced their objection against Eeon’s intervention request. They argue that the entity doesn't fulfill the requisite legal conditions for such an intervention and hasn't received necessary consent.

The SEC has highlighted Eeon's history of consistently unsuccessful court case representations. The securities regulatory body further argued that private litigants, such as Eeon, are prohibited from intervening by the Securities Exchange Act. They also added that Eeon's participation would be insignificant as their claims align with the defendants, failing to meet the intervention requirements.

Binance, on its part, provided three reasons for the dismissal of Eeon's petition, namely, lack of SEC consent, failure to establish itself as a legitimate party of interest, and failure to meet necessary legal requirements for intervention.

This unity in opposition to Eeon’s intervention comes in the backdrop of Binance's battle to dismiss another lawsuit brought against it by the U.S. Commodity Futures Trading Commission (CFTC). Binance alleges that the CFTC is trying to overextend its statutory jurisdiction by regulating foreign entities and individuals. With extended court deadlines for the submission of responses, it's expected that this dismissal process will prolong into 2024.