Group of users fight Binance to get their money back after May crash

Binance customer group wants to get their money back after the platform was frozen in May. These users had leveraged positions and were unable to cut or close them. On May 19, the Binance app failed for more than an hour, leaving customers unable to manage their money. Those users are now suing the stock market in France and Italy.

Organize users for refunds with Binance
A group of users affected by breakdowns on the Binance service are mounting a fight against the exchange. After the exchange, hundreds of cases in France and Italy were frozen on May 19. This is a reference to freelance programmer Anand Singal, who took a leveraged position of more than 50 thousand dollars. When Singal started checking prices and noticed an impending drop, he tried to get out of his position.

Due to the sharp drop in prices in bitcoin and other cryptocurrencies at the time, the Binance platform was unable to cope with the transaction tax. Hundreds of thousands of traders tried to do the same thing at the same time: get away from the market. The Platform collapsed and traders were unable to hold their positions for more than an hour.

Singal and other traders lost their money. And now they’re resisting. According to The Wall Street Journal, at least 700 users are looking for legal ways to get their money back with Binance in France. And in Italy, more and more users are turning to Binance with petitions on the same issue.

Accidents Usually Happen
However, these glitches are nothing new in the world of cryptocurrency exchanges. Even Coinbase, one of the largest and most regulated cryptocurrency exchanges, has faced similar problems. In fact, Coinbase ran into problems at the same time as Binance. Robinhood, a free exchange, also has its share of problems with the cuts and has been fined $ 70 million by the Financial Sector Regulatory Authority (FINRA).

But Binance is the” decentralized ” exception .

Join the Discussion

  • BrokerEUR/USD
    IG 0.6pips (fixed) margin: 3.33%
    SpreadEX 0.6pips (variable) margin: 3.33%
  • Back to top