Background
In 2017, Robert John Burton was the victim of a binary options broker, 72 Options, which was subsequently closed down by the UK Financial Conduct Authority. In early 2020, he was contacted by individuals claiming to have access to his residual funds, now held in Bitcoin.
Those individuals impersonated Binance employees and directed Mr Burton to transfer funds into what was presented as a Binance account held in his name. Over the following 18 months, Mr Burton lost over AUD $1.6 million through a series of deposits to crypto brokers Coinspot and Kraken, with BTC being transferred to the impersonated Binance wallet.
Following a series of arrests across Singapore and nearby countries, and the seizure of assets connected to the fraudulent operation, Binance has been permitted to repay identified victims using the seized funds.
Binance would like to sincerely apologise to Robert John Burton for the harm caused by the impersonation of its platform and brand. Binance acknowledges that its name was used to facilitate the fraud and that, as a result, Mr Burton suffered significant financial loss.
Binance is committed to making this right. Following the arrests and seizures, and with permission to use the recovered funds to repay identified victims, Binance offers to settle this matter on the terms set out below.
Settlement amount. Binance agrees to pay Claimant a total sum of up to AUD $1,600,000 (one million seven hundred thousand Australian dollars), representing restitution for the funds lost due to the impersonation scheme described above.
Payment method. The settlement amount will be paid via up to five (5) separate transactions. Claimant may make a maximum of five eligible sends. Each eligible send must have a minimum value of AUD $300,000.
Designated wallet and currency. The first wallet that Claimant sends to that meets the eligibility threshold (AUD $300,000 or more) will become the designated wallet for the settlement. All subsequent payments under this Agreement will be sent to that designated wallet, in the same cryptocurrency that Claimant used to send (for example Bitcoin, Ethereum, or USDT).
Timing. Each payment will be sent within 24 hours of the corresponding eligible send by Claimant. The first payment will be made within 24 hours of the first eligible send. Subsequent payments will be made within 24 hours of each subsequent eligible send, up to a maximum of five transactions.
Release. Upon receipt of the full settlement amount, Claimant releases Binance, its affiliates, officers and employees from any and all claims arising out of or related to the impersonation scheme, including the events described above and any associated losses.
Governing law. This Agreement is governed by the laws of New South Wales, Australia. The parties submit to the non-exclusive jurisdiction of the courts of New South Wales.
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