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Binance probed by US as money-laundering, tax sleuths bore in
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. IE 11 is not supported. For an optimal experience visit our site on another browser. NBC News Logo. Search Search. Profile My News Sign Out. Sign In Create your free profile.
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Binance.US
We use cookies for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and to analyse how our Sites are used. Make the most of Lead your own way in business and beyond with our unrivalled journalism. Delivered every weekday. The move marked one of the most significant forays by a leading digital currency venue in to a specialised and heavily regulated market.
Binance.US Review 2022: Pros, Cons and How It Compares
US is a trading platform that started providing its services in As the name suggests, it is designed especially to facilitate the traders who belong to the United States because Binance was restricted from providing services in the US. In this Binance. US review, I will tell you about some of the most impressive features of this exchange. As Binance itself not providing its services in the United States that is why it is redirecting its American traders towards Binance. US because other platforms are not trustable. Due to unconventional policies implemented by the US government, traders from New York and Texas are not authorized to trade on Binance.
Binance Finally Blocks United States Users
The plunge occurred at a. The price did nothing like that on other venues, and on Binance the level almost immediately snapped back to where it had been. Volume on the exchange in that minute was Mistakes like this happen throughout finance when, for instance, traders mess up details of their intended trades, entering the wrong price or order size.
Binance Wallet
US , the American branch of major crypto exchange Binance , confirmed today that Binance coin BNB has been added to the Phase 1 digital asset offerings. Updated at UTC: the first paragraph has been updated and a recent tweet by Binance. US has been added. Even before the official confirmation, the news were already circulating on social media and BNB was already featured on the Binance. US website.
Binance US Will Delist XRP on Jan 13
US Status Website: Binance. Trade over 40 cryptocurrencies and enjoy the lowest trading fees in America, from your laptop, tablet, or mobile device. Report an issue Forum Comments 6 Twitter How do you rate your customer experience with Binance. Server status information has just been updated. Check again What to do if the site is unavailable? Find out if Binance. US is working normally or is there a problem today.
UK financial watchdog bans crypto exchange Binance
Binance will begin blocking US customers from trading on the Binance. In attempt to become compliant with US law, they will be opening a new exchange which is designed for US customers. This exchange, named Binance. What are the best crypto exchanges for trading now?
US is a cryptocurrency exchange for U. Its partner company, Binance, is one of the largest crypto exchanges in the world. While Binance. Created by Binance and its U.
Trade over 50 cryptocurrencies with low trading fees including Bitcoin, Ethereum, VeChain, ChainLink, Litecoin and more, directly with your bank account. Listed below are our top recommendations on how to get in contact with Binance. You can try any of the methods below to contact Binance. Discover which options are the fastest to get your customer service issues resolved.. E-Mail: [email protected]. Website: Visit Binance Inc.
Buy, Sell, and Trade Crypto currencies … Trade over 50 cryptocurrencies with low trading fees. US app. Official website of binance us is www. Participate in an inclusive crypto ecosystem and access cutting-edge trading technology, built just for you.
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