The ruling keeps pre‑2019 investor claims in open court and rejects Binance’s bid to send the dispute to private arbitration in Singapore.A United States federalThe ruling keeps pre‑2019 investor claims in open court and rejects Binance’s bid to send the dispute to private arbitration in Singapore.A United States federal
New York judge blocks Binance bid to force US crypto claims into arbitration
The ruling keeps pre‑2019 investor claims in open court and rejects Binance’s bid to send the dispute to private arbitration in Singapore.
A United States federal judge ruled that Binance cannot force a group of US customers to arbitrate claims over losses on crypto tokens they bought on its global platform before Feb. 20, 2019, keeping a major class action in open court.
The decision on Thursday by District Judge Andrew Carter Jr. in the Southern District of New York held that those claims were not bound by Binance.com’s 2019 arbitration clause because users lacked sufficient notice when the company unilaterally shifted its terms of use away from the 2017 version, which contained no arbitration or class action waiver provisions.
According to the judge, Binance relied on a general change‑of‑terms clause and the posting of updated 2019 terms on its website, and there was no evidence that the exchange provided any individual notice or formally “announced” the new arbitration provision to users.
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