Binance sued for $140 million in damages

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2021-10-26 02:38:05

A European investor has filed a lawsuit against Binance with the International Chamber of Commerce (ICC), seeking compensation of $140 million.

Binance sued for $140 million in damages

According to sources of The Block, An unnamed European investor sued the cryptocurrency exchange Binance, seeking damages of up to 140 million USD when his trading orders were liquidated by Binance without specifying the reason in September. 11/2020.

The alleged content mainly targets Binance’s auto-liquidation system. The plaintiff alleged that the exchange forced investors to sell a large amount of assets without his consent. And yet, the unnamed investor also confirmed that there is a conflict of interest in Binance’s order liquidation mechanism.

The lawsuit targets more than 45 Binance-related organizations worldwide, as the exchange does not announce an official headquarters. Adjudication is currently being initiated by the ICC in Switzerland.

The International Chamber of Commerce’s jurisdictional principles are often used to resolve cross-border disputes. Accordingly, each party to the dispute will select an arbitrator and the ICC will appoint a third arbitrator. Instead of settling the dispute before the court, the case will be brought up for discussion between these three arbitrators.

Binance is also currently facing another class action lawsuit from users. A group of six investors raised $5 million to sue the exchange for volatility on May 19, when Bitcoin lost more than $10,000 in value in just an hour. They claimed to have lost more than 20 million USD because the floor had an interruption problem. Since announcing their intention to sue the exchange, more than 1,000 people have come forward to support the other group.

Binance has yet to make any official statements regarding the lawsuits.

In addition, as reported by CHK, Binance is still caught up in a legal battle with financial regulators in many countries around the world.

According to The Block

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