Fetch.AI Lrd & Anor v Persons Unknown Category A & Ors [2021] EWHC 2254 (Comm) (15 July 2021)

Fetch.AI Lrd & Anor v Persons Unknown Category A & Ors [2021] EWHC 2254 (Comm) (15 July 2021)

The court granted proprietary and worldwide freezing injunctions against persons unknown, and made Bankers Trust and Norwich Pharmacal disclosure orders against Binance entities, holding that the applicants had demonstrated serious issues to be tried, that the cryptoassets were located in England, and that the legal and jurisdictional requirements for the relief sought were satisfied. The court also permitted service out of the jurisdiction and alternative service, given the urgency and risk of dissipation of assets.

Citation
[2021] EWHC 2254 (Comm)
Parties
Applicant/claimant: Fetch.ai Limited; Applicant/claimant: Fetch.ai Foundation PTE Ltd; Respondent/defendant: Persons Unknown Category A; Respondent/defendant: Persons Unknown Category B; Respondent/defendant: Persons Unknown Category C; Respondent/defendant: Binance Holdings Limited; Respondent/defendant: Binance Markets Limited
Jurisdiction
England and Wales
Judgment Date
15 July 2021
Procedural Posture
Without Notice Application (interim Relief) / Interim Application Prior to Commencement of Substantive Proceedings
Outcome
Interim proprietary and worldwide freezing injunctions granted; Bankers Trust and Norwich Pharmacal disclosure orders granted; permission for service out of jurisdiction and alternative service granted.
Legal Topics
Proprietary Injunction, Worldwide Freezing Order, Bankers Trust Order, Norwich Pharmacal Order, Disclosure, Jurisdiction, Cryptocurrency Fraud, Service Out of Jurisdiction, Alternative Service
Civil Procedure Commercial Law Equity Conflict of Laws Proprietary Injunction Worldwide Freezing Order Bankers Trust Order Norwich Pharmacal Order +5 more

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Parties

Fetch.ai Limited

Applicant/claimant

Fetch.ai Foundation PTE Ltd

Applicant/claimant

Persons Unknown Category A

Respondent/defendant

Persons Unknown Category B

Respondent/defendant

Persons Unknown Category C

Respondent/defendant

Binance Holdings Limited

Respondent/defendant

Binance Markets Limited

Respondent/defendant

Procedural Posture

Without Notice Application (interim Relief) / Interim Application Prior to Commencement of Substantive Proceedings

Legal Issues

  1. 1 Whether proprietary and freezing injunctions should be granted against persons unknown in a cryptocurrency fraud case
  2. 2 Whether Bankers Trust and/or Norwich Pharmacal orders should be made against Binance entities for disclosure of information
  3. 3 Whether English courts have jurisdiction over claims involving cryptoassets held by foreign entities and persons unknown

Ratio Decidendi

The court granted proprietary and worldwide freezing injunctions against persons unknown, and made Bankers Trust and Norwich Pharmacal disclosure orders against Binance entities, holding that the applicants had demonstrated serious issues to be tried, that the cryptoassets were located in England, and that the legal and jurisdictional requirements for the relief sought were satisfied. The court also permitted service out of the jurisdiction and alternative service, given the urgency and risk of dissipation of assets.

Court Disposition

Interim proprietary and worldwide freezing injunctions granted; Bankers Trust and Norwich Pharmacal disclosure orders granted; permission for service out of jurisdiction and alternative service granted.

Orders

  • Proprietary injunction against persons unknown to freeze assets and traceable proceeds
  • Worldwide freezing order against persons unknown involved in the fraud