High Court Sets Aside Interim Proprietary Injunction Against Cryptocurrency Exchange Binance

The High Court has discharged an interim proprietary injunction against the cryptocurrency exchange Binance which required it to preserve certain cryptocurrency that the claimant, the alleged victim of a cryptocurrency fraud, claimed to be able to trace to the exchange: Piroozzadeh v Persons Unknown and Others [2023] EWHC 1024 (Ch).

There have been a number of recent cases in which the High Court has granted interim proprietary injunctions against cryptocurrency exchanges on a without notice basis. This is the first decision we are aware of where a cryptocurrency exchange has challenged the grant of such an injunction, and it highlights a number of important points in relation to such applications.