Intercurrency Software Files Amended Patent Lawsuit Against Crypto Exchange Binance

On Friday, April 19, 2024, Intercurrency Software filed an amended complaint in the US District Court for the Eastern District of Texas alleging that Binance Holdings infringed multiple patents related to trading digital assets.

Intercurrency Software, a Texas-based company, claimed that Binance Holdings, a Cayman Islands corporation known for operating one of the largest cryptocurrency exchanges, violated three of its patents covering systems and methods for consolidated trading platforms. Specifically, the patents allow traders to purchase assets in their preferred currency regardless of what currency the asset normally trades in.

Some of the key patented technologies include coupling a trading server to currency and market exchange servers so that all prices, estimates, and transactions are shown in the preferred currency. Another feature dynamically updates costs and fees in line with constantly changing exchange rates. This ensures traders know exactly the potential profits or losses from transactions before and after they occur.

At the time of the patented innovations in the late 2000s, buying foreign assets required traders to use separate foreign exchange brokers before and after trades. This introduced uncertainties from exchange rate fluctuations over time. The patents aimed to solve this by performing currency conversions at the transaction level.

In the amended complaint, Intercurrency Software accused Binance Holdings of directly infringing the patents through its Binance.US trading platform. The complaint alleges Binance.US provides a consolidated trading platform allowing crypto trades in a preferred fiat currency through linkages to market and currency exchanges. Intercurrency is seeking damages and requesting a jury trial.

The case highlights the growing relevance of digital asset patents as the cryptocurrency industry expands. Transactions increasingly involve converting between cryptocurrencies and traditional fiat currencies. Innovations that simplify such processes could prove highly valuable if adopted by major industry players.

Please contact BlockTribune for access to a copy of this filing.