However, following the granting of this injunction, Binance applied for the setting aside of the injunction. The crypto exchange argued that the claimant proceeded to seek the injunction without notice. Binance also argued that it was not possible for it to comply with the injunction since it was granted after the funds in question had been moved.
In addition to setting aside the injunction, the high court also ordered the claimant “to pay Binance’s costs of the application on the indemnity basis amounting to £90,000 [$113,685.00].”Meanwhile, in the same blog post, the law firm sought to point out the difference between obtaining an injunction against the account owner and serving this “on the exchange as a third party” versus identifying the crypto exchange as a respondent.
The law firm also argued that if an injunction against the cryptocurrency exchange “is inappropriately obtained” and is later “discharged,” this may leave the fraud victim “with a significant adverse costs order.” Therefore, before seeking an injunction, Herbert Smith Freehills, which acts for Binance in relation to the claim, said legal advisers of victims of crypto fraud should first distinguish the position of a crypto exchange from that of other defendants.
They should also consider if there is a proper basis for making an application against the exchange without notice. Legal advisers should see to it that there are identifiable assets when an application is made, the blog post added.
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