In the past few weeks, several Colombian citizens have claimed that the Binance exchange locked their accounts and froze their deposits on the exchange. According to attorney Camilo Suárez Venegas, those affected will come to a positive agreement. For details of the news cryptocoin.com keep reading.
“Binance Colombia blocking accounts without a court order is illegal”
According to crypto experts, an individual user’s accounts can be limited if a cryptocurrency exchange is only ordered by a court as a temporary measure. Accordingly, the blocking of an account is a precautionary measure applied to guarantee the payment of future damages before a judgment decision. As most of those affected hold more than 1 Bitcoin (BTC), this has caused serious concern among those who have yet to receive a clear explanation from the company’s customer service department.
If they do it well, they can easily get the funds back, but those affected should sue Binance Colombia, according to Attorney Camilo Suárez Venegas, who reviewed the case. According to the legal expert and head of AsoBlockchain Colombia, although the procedure may be delayed, the funds can still be fully recovered if the company does not return the deposits it has closed, as its reputation will be damaged globally.
According to lawyer Camilo Suárez Venegas, Binance could suffer greatly from this case
In addition to resolving the dispute, which is of the greatest concern to those affected, about a month after it began, an investigation into whether exchange-traded assets comply with Colombian law could also be considered. While Camilo Suárez Venegas states that police from other countries, including the Netherlands and the United States, can request an investigation into the source of the funds, he makes it clear that the Dutch authorities cannot leave the country:
You cannot tell Binance Colombia to block a user. Where is the judicial and regional jurisdiction for Binance to do this? If you sue Coca-Cola in Colombia, it will not sue Coca-Cola in Mexico, the United States or Spain.
Due to the outright cutbacks the company has caused for its users, Camilo Suárez Vengas thinks this lawsuit could cause great harm to Binance, especially considering that certain accounts can receive funds but not withdrawals, and this constitutes malicious activity.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.