Binance And US SEC Submits Response To Third Party’s Intervention

The U.S. Securities and Exchange Commission (SEC) and crypto exchange Binance have submitted their response to entity “Eeon” which seeks to intervene in the case on behalf of customers. Both US SEC and Binance oppose the petition to intervene by third-party Eeon as it fails to establish requirements for intervention and consent under the law.

Binance And US SEC Oppose Eeon Petition to Intervene

Defendant Binance and plaintiff US SEC opposed Eeon’s petition to intervene in the lawsuit, according to the District Court for the District of Columbia.

Binance gave three reasons to dismiss the petition by Eeon. These are — no consent of the SEC, failing to identify as a real party in interest, and failing to meet requirements for intervention under the law. In addition, the counter-claim by Eeon makes vague allegations and unrelated to the lawsuit.

US SEC argues Eeon is a serial pro se litigant whose causes have failed to gain traction in federal courts. SEC requested the court to deny the petition because the Exchange Act prohibits a private litigant’s intervention, participation will not impact the lawsuit as its claims matches with defendants’ arguments, and failing to meet requirements for intervention. Also, Eeon’s counterclaims seeking relief against the SEC and Binance are contrary.

Thus, both plaintiff and defendants oppose any intervention by Eeon in the SEC lawsuit against Binance and CEO Changpeng “CZ” Zhao.

Also Read: Terra Luna Classic Core Developer L1TF Announces Major Partnership

Binance Seeks CFTC Lawsuit Dismissal

Meanwhile, Binance filed a motion to dismiss the US CFTC lawsuit claiming that it lacks jurisdiction on the global crypto exchange and the right to sue its CEO CZ. However, the court’s deadlines for submission of responses by CFTC and Binance will stretch the dismissal to next year.

Binance continues to face regulatory challenges and heightened scrutiny from US regulators. It has impacted trading volumes and liquidity on the exchange and the broader crypto market.

Also Read: Prominent XRP Attorney Withdraws From Ripple Vs US SEC Lawsuit

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.