US Judge Rejects Binance’s Arbitration Request in Case Involving 7 Altcoins! Here Are the Details

Binance received bad news from the US. A US judge rejected Binance’s arbitration request.

District Judge Andrew Carter of the Southern District of New York, said Binance does not force U to compel them. A , S. Those who buy cryptocurrency before February 20, 2019, will be allowed to arbitrate damages from users’ purchases on its platform.

However, the judge ruled that the ongoing class action lawsuit would be heard publicly in federal court.

In court Consequently, customers who claim that Binance is selling unregistered tokens can pursue damages claims which will be filed before February 20, 2019.

In a review of Binance, the judge concluded that “in 2019 it unilaterally updated its Terms Of Use in 2019, which amended terms to include ‘an agreement on the right to arbitration and the rights to class action’ without notifying customers of this change.”

Similarly, the ruling also stated that there was no evidence that Binance had announced the arbitration order or told customers where this order could be found in its terms of use.

Since the terms of use in 2017 did not include arbitration or class action waiver provisions, the changes made in 2019 are retroactive to claims relating to periods prior to that date, according with the judge.

Williams v. class-action lawsuit, which is filed under the name of Williams and in 1863). Five U.S. investors from California, Nevada and Texas filed Binance claims that BinANCE and its founder CZ illegally sold unregistered securities and failed to register as brokerage firms in the filing of Binence. The suit was dropped in 2022; however, in 224 the US Second Circuit Court of Appeals returned it back to the lower court.

During the retrial, Judge Carter rejected Binance’s request for arbitration; BinANCE said that after February 20, 2019, “the plaintiffs had voluntary withdraw claims which were made and that the company would continue to defend against the other claims.”

It also provides users with the right to file lawsuits for damages before February 20, 2019, and for the case to be heard publicly. It names Altcoins in the lawsuit ELF,EOS (the name of its original heir) FUN/ICX (“OMG, QSP and TRX”) OMG.

*This is not investment advice.

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