NewsletterBreaking: Binance And US SEC Submits Response To Intervention By Third Party In The Lawsuit
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
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Kevin Hassett Opens Door to Fed Chair Role as Markets Show 87% Odds of Third Rate Cut
- Elon Musk Says Bitcoin Is True Energy Currency as Peter Schiff Labels It ‘Fake Asset’
- Michael Saylor Hints Fresh Bitcoin Buy With “Green Dots” Tease
- Arthur Hayes Flags High Downside Risk in Tether’s Shift Toward Bitcoin and Gold Reserves
- Peter Schiff Predicts Bitcoin Decline Will Extend Into December as BTC Closes Out Red November
- Will Fusaka Upgrade Push Ethereum Price to New Highs?
- Bitcoin Price Poised for a $100k Run as Coinbase Premium Turns Positive
- XRP Price Prediction: Why XRP Could Rally to $3 This Week?
- Ethereum Price Prediction 2025: How High Can ETH Go by Year-End?
- CoinShares Withdraws Staked Solana ETF Proposal: What’s Next for Solana Price?
- XRP Price Forms Alarming Death Cross Amid Intense Whale Dumping
