Background
A cryptocurrency exchange ran a payback event promising to "return 20% of the trading fees paid over one month in Bitcoin or other assets." Our client paid substantial fees during that period, but rather than receiving the payback found their account access blocked without prior notice on suspicion of "abnormal trading."
What Was at Stake
The exchange countered that "our client traded using automated software prohibited by the terms of use and so does not qualify for the payback." The issue was whether the exchange was nonetheless obliged to pay the promised payback.
How Changchun Helped
Acting for our client, Changchun argued clearly that the event returned "20% of the trading fees incurred," and that once the exchange had validly collected those fees the payback obligation arose.
The court accepted Changchun's arguments and ordered the exchange to pay the virtual assets corresponding to the payback; the exchange appealed, but Changchun prevailed on appeal as well. The case obtained clear recognition of the binding force of an event promise made by an exchange. (Outcomes depend on the facts of each case and may differ.)