Crypto traders will sue Binance exchange – plaintiffs receive solid support

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Traders demanding compensation from cryptocurrency exchange Binance for a crash during the cryptocurrency turmoil earlier this year have secured financial backing.

Swiss litigation finance group Liti Capital has pledged at least $ 5 million to fund an international arbitration against Binance in Hong Kong. White & Case, a major New York-based law firm, will represent investors, the Financial Times reported.

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An initial group of six investors from countries such as Ukraine, Australia, France and the United States said compensation should be at least $ 20 million. In addition, they hope to attract several hundred more traders.

The lawsuit will test whether the burgeoning cryptocurrency exchange, which operates through a complex global network of legal entities and does not have an official headquarters, can withstand legal complaints from its clients.

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The Cayman Islands-based crypto exchange Binance is one of the largest players in the digital asset industry. It is increasingly facing mounting pressure following a string of regulatory complaints.

In particular, the authorities in the UK, Hong Kong and Japan have commented on the company’s anti-money laundering practices.

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Binance and its CEO Changpeng Zhao have pledged to tighten regulatory compliance procedures and work more closely with financial supervisors in the countries where the crypto exchange provides its services.

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