Traders pursuing Binance for compensation over an outage during crypto market turmoil earlier this year have secured financial backing to wage one of the most significant legal battles to date against the exchange.
Liti Capital, a Swiss litigation finance firm, has pledged at least $5m to fund an international arbitration case against Binance in Hong Kong, and has enlisted the New York law firm White & Case to represent investors.
An initial group of six investors, from countries including Ukraine, Australia, France and the US, say their claims against the exchange together total more than $20m and they hope to sign up several hundred more traders.
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