Binance wants arbitration for all members of securities class suit

Crypto exchange Binance has asked a US federal judge to send all members of a class-action lawsuit alleging it sold securities to arbitration, arguing that the group waived their ability to form a class action under the company’s terms.

The exchange said in a May 16 filing to a New York federal court that its terms of service, which it claimed the class group agreed to, has a clause that users agree to arbitrate all claims, along with a clause preventing users from launching class actions against the crypto exchange.

“The Court should hold that Plaintiffs are required to arbitrate claims that accrued after Feb. 20, 2019, even if the Court adheres to its initial decision as to claims that accrued before then and that the class-action waiver in the 2019 Terms of Use is enforceable for all of Plaintiffs’ claims,” Binance said.

In March, Judge Andrew Carter denied Binance’s request to have all of the class action’s claims sent to arbitration for users who bought tokens on the exchange between April 1, 2017, and Feb. 20, 2019, and partially denied the motion for users who bought tokens after 2019 until a decision could be made to what extend the arbitration clause would apply.