What happened the 19th of May 2021?
On 19 May, 2021, Binance, the world’s largest crypto exchange, froze.
As a result, the trading accounts of numerous traders were unable to close out their positions.
At the same time, the markets were turning red, resulting in significant liquidations and losses.
Many affected traders tried to contact Binance for support and compensation, without success.
The Steering Committee set out to help Binance traders who lost money due to the freeze by pursuing legal action.
In 2023 the Steering Committee appointed Barbier Mehtiyeva as counsel in replacement of White & Case LLP.
Traders have tried to contact Binance for support and compensation but have been unsuccessful.
Binance will only allow hearings to take place at the Hong Kong International Arbitration Centre at a cost of at least $65,000 per applicant.
As seen in
« The world’s largest crypto exchange has no headquarters, making it difficult for disgruntled traders to complain about the May crash »