Crypto Lawsuit Against Binance Moves Forward After Site Froze During Crash

Crypto Lawsuit Against Binance Moves Forward After Site Froze During Crash

“To date, more than 2,300 have registered on Binanceclaim.com, and the number is increasing significantly daily,” said Liti Capital’s Executive Chairman and Chief Investment Officer, David Kay , who sits on the Binance Claim Steering Committee. “Last week we saw more than 1,000 claimants, potentially making this the largest international consumer arbitration in history and a landmark case for the crypto industry,” added Kay, whose Swiss firm has pledged at least $5 million to pay for the claimant’s legal fees. On behalf of the Binance Claim Steering Committee, on Thursday a letter was sent to Binance requesting that it compensate the increasing number of claimants who lost hundreds of millions of dollars due to system failure on 19 May 2021. If Binance, whose daily trading volume is upwards of $45 billion , refuses to settle with the claimants, the case will be presented before the Hong Kong International Arbitration Centre , the letter warns. White & Case, LLP, the number one ranked arbitration law firm globally, has taken on the case representing those individuals affected by Binance systems failures, including on 19 May. CNBC reported that Binance, the world’s largest crypto exchange, “has experienced several outages over the years in