Law Page 2

Additionally, Eeon argues that offshore fund transfers are a common and accepted practice, distinct from money laundering. Various entities like e-commerce platforms, freelance services, consulting firms, small export companies and travel agencies routinely participate in international money transfers without being associated with money laundering activities, it said.

In its counterclaim, Eeon seeks compensation from Binance and the SEC, equivalent to 20% of the daily value of withheld funds per customer, totaling $1000 per day. Additionally, both Binance and the SEC would be equally responsible for paying penalties, with $500 assigned to each.