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- Binance and regulatory scrutiny: changing times for the crypto market
- How to Buy & Sell NFTs on Binance NFT Marketplace | Step-By-Step
- How to Create An Ad To Buy Or Sell Crypto on Binance P2P: Go From $0 to $10,000
- R-bloggers
- Binance to Close Its Trading Platform In Singapore
- What Countries are (not) Supported on the Binance Platform? Alternatives for 2022
Binance and regulatory scrutiny: changing times for the crypto market
Sable Martin, 25, a biology graduate and expectant mother in Atlanta, spends her days trading stocks. On May 19, everything changed. She started seeing reports that Binance, the world's largest crypto exchange by trading volume, according to CoinMarketCap , was crashing and preventing people from moving their money, while others were saying their accounts had been closed with no explanation. She quickly logged on to Binance. US to transfer them to. She followed the site's instructions.
But they asked her to log back in to her original account, which she could no longer access, to move the coins, which are now worth many times what she paid for them in She contacted customer service. But, like many others who reported similar account freezes on Reddit and a Discord server set up by disgruntled Binance users, she got no response. Martin is one of about crypto traders from dozens of countries who have come together online to explore how they can take action against Binance after they either lost access to their accounts without clear explanation or recourse or they lost money when the exchange crashed on May 19, leaving them unable to move their funds despite their frantic efforts as the prices of cryptocurrencies tumbled.
After months of organizing and consulting with legal experts, the group has settled on the unusual strategy, announced Thursday, to pursue international arbitration, a form of cross-border dispute resolution typically used by multinational companies, to hold a largely unregulated, borderless company with no headquarters to account. Binance spokesman Riley Kim declined to comment on the pending arbitration. He said the "exponential growth of cryptocurrency can occasionally pose technical bottlenecks for exchange platforms due to real-time market fluctuations associated with periods of high trading volume.
In response to allegations that users like Martin have had their accounts frozen, Kim said: "Unless there are outstanding account security or compliance matters, users can always move or withdraw their funds.
In any case, users can always approach our customer support team if they require assistance. But the path to potential compensation won't be easy. Binance has attracted scrutiny from financial watchdogs around the globe over allegations that it skirted regulation for years by shifting its operations to different jurisdictions and claiming to have no headquarters , although it has been domiciled in several countries.
It also requires users who sign up to agree to terms of use that waive their rights to class-action lawsuits. A second catch buried in Binance's terms of use is the stipulation that damages are capped at 12 months' worth of trading fees — a fraction of a percentage of the value of trades made on the exchange.
However, they now have a secret weapon: the backing of Lejniece and litigation finance strategist David Kay. Together, they hope to first get an international arbitrator to decide that Binance's contract terms are "unconscionable," a legal concept recognized in the case law of most developed countries, including Hong Kong's " unconscionability doctrine ," and therefore unenforceable.
Kay and Lejniece are calling on people who believe they have been harmed by Binance to join the case through a dedicated website, Binanceclaim.
Claimants can join the case for free, with Liti Capital footing the legal fees. If the group succeeds, Liti Capital will take a 30 percent cut of the damages.
We think the answer is going to be a no. Kim of Binance said that there are risks associated with any trading environment and that the company's terms of service disclose those risks, "including the possibility of systems-related downtime, to our users. The case reflects broader scrutiny of Binance — from regulators, legal experts and researchers — in several markets as the platform has grown, including an investigation by the Justice Department and the IRS exploring allegations of money laundering and tax offenses , according to a report by Bloomberg citing people with knowledge of the matter.
Experts believe it's only a matter of time before Binance makes significant changes to how it operates. Governments have laws to protect their citizens, and it doesn't make sense for entities to try to opt out of them, even if they have distributed operations and no clear headquarters.
The or so potential complainants include traders from around the world, some of whom casually invest in cryptocurrencies in their spare time and others who dedicate their lives to it. Fawaz Ahmed, 33, a former Uber employee in Toronto, falls into the second category. He started trading full time early last year and would generally make big bets every few months. On May 19, he saw that the price of ether was crashing and decided he needed to cut his losses and close his position.
He opened the Binance app on his iPhone and started frantically clicking on the "close position" button to salvage his funds. Nothing happened. He said he tried again and again, opening and closing the app and calling friends for advice for almost an hour as he watched his losses skyrocket. I couldn't close, manage or hedge my position. My hands were literally shaking," he said. At a certain point, Binance liquidated Ahmed's trade — a process that happens automatically when losses on a bet exceed investors' deposits.
He lost everything. I wanted to use this money to retire my parents, pay for my siblings' education and get a house in the future. He felt numb for hours, he said, but thought Binance would compensate him because he was liquidated only because of an apparent technical glitch with the app.
The next day, Binance released a compensation claim form, which Ahmed filled out in the hope he would be made whole. But over the next few weeks, he heard dozens of reports from others in the Discord server who had filled out the form that they were offered only a small fraction of what they lost, typically up to 30 percent. Ahmed said Binance eventually offered him about 20 percent of what he lost. It was at that point that he and others in the group started exploring more aggressive remedies, including a class action — which lawyers they consulted ruled out because of the contracts they had signed — before they homed in on international arbitration.
Ahmed said that he and others just want "justice and compensation" and that he has one message for Binance's CEO, Changpeng Zhao: "Do the right thing. Kate Marie, 58, a health care consultant from Sydney, had also planned to use the proceeds from crypto trading to secure her future.
Marie, who is among the complainants to have already signed up for the case, hopes the group arbitration will help clean up the market. Binance has been bullish in its response to allegations of wrongdoing. After the May 19 outage and subsequent coverage by The Wall Street Journal , Binance published a blog post that said it had investigated some of the claims and "could not identify any relevant technical or system issues that impacted their trading.
The blog post described three cases, without naming the people, and appeared to blame the losses on the users. In response to questions, Kim said: "We are aware of a very small number of users who are attempting to extract unreasonable demands from us. Our policy is fair in that we compensate users who experienced actual trading losses due to our system's issues.
We do not cover hypothetical 'what could have been' situations, such as unrealized profits. Kim said that he filled out a compensation claim but that the company offered to cover only a third of his losses. Like Marie, Ahmed and Martin, Francis Kim wants Binance to own up to its mistakes and compensate users to make things right.
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How to Buy & Sell NFTs on Binance NFT Marketplace | Step-By-Step
Binance, the world's biggest cryptocurrency exchange, has been issued a warning by the UK's financial regulator. It also advised people to be wary of adverts promising high returns on cryptoasset investments. Binance said the FCA notice would have no "direct impact" on the services it provides from its website Binance. Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies.
How to Create An Ad To Buy Or Sell Crypto on Binance P2P: Go From $0 to $10,000
Binance is one of the largest cryptocurrency exchanges on the market. It supports a wide range of cryptocurrencies and allows you to buy, trade, and send digital assets. The main issue with Binance is that it is no longer available in the United States. While Binance has set up a US version, called Binance. US, many people in the US find that it takes a long time for their accounts to be verified. Some people end up waiting for a long time; also, Binance. US is not available in seven states, including:. In addition, the availability of cryptocurrencies on Binance. US is lacking, even if you do manage to get approved.
R-bloggers
Cayman Islands-based Binance allows people to buy and sell a wide range of digital assets. It has attracted attention from regulators who have expressed growing concern about the ease with which cryptocurrencies can be used to facilitate crime and launder the proceeds. The FCA said Binance appeared to be offering British customers a range of products and services via its website, Binance. In January, the FCA banned companies sales of cryptocurrency derivates and exchange-traded notes to retail investors. These products allow people to bet on the price of assets such as bitcoin without actually buying them.
Binance to Close Its Trading Platform In Singapore
How can we help you? Account Functions. Binance Fan Token. Binance Earn. Crypto Derivatives. Other Topics.
What Countries are (not) Supported on the Binance Platform? Alternatives for 2022
The world's largest crypto exchange, Binance, announced on Monday that it has withdrawn its application for a license to operate in Singapore and will end its trading platform in the geographic jurisdiction by February The company said it plans to create a blockchain innovation hub in Singapore instead. Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor. Binance Singapore had been operating in Singapore under a temporary exemption, and had applied for a crypto license through the Monetary Authority of Singapore, like almost other companies. However, on Monday, Binance Singapore said that it was now pursuing a "strategic refocus" toward creating a blockchain innovation hub in the island city-state instead.
In public, Binance said it welcomed government oversight. Filed Jan. It was October Zhao was in Malta to find Binance a new home, having quit mainland China the year before when regulators there began cracking down on cryptocurrencies.
How can we help you? Account Functions. Binance Fan Token. Binance Earn. Crypto Derivatives. Terms of Use.
Crypto trading bots are automated software that helps you to buy and sell cryptocurrencies at the correct time. The main goal of these software is to increase revenue and reduce losses and risks. These applications enable you to manage all crypto exchange account in one place. The list contains both open source free and commercial paid software. It aggregates the liquidity from Binance and Huobi Global and is one of the biggest Binance brokers. Cryptohopper is one of the best crypto trading bots that helps you to manage all crypto exchange account in one place. Trality is a platform for anybody who wants to profit from algorithmic crypto trading without giving up the day job.
Binance Coin BNB , the platform coin of the crypto exchange Binance, has secured its place among the top cryptocurrencies by market capitalization. Thanks to the strong growth of Binance and its products and blockchains, the coin has surged in price in recent years. But, as BNB is the native asset of the Binance exchange, several competitors have not listed the coin on their platforms.
and where is the logic with you?