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| Crypto Traders Struggle to Sue Binance |
Binance is the largest cryptocurrency exchange in the world. However, this platform will continue to face problems and crises as it allows trading of very sensitive raw materials and prices change rapidly.
However, in May of last year, the value of Bitcoin fell sharply. Cryptocurrency traders were unable to sign up for Binance to trade, which was a huge blow to them.
On the other hand, Robinhood users filed a lawsuit to stop in March 2020. On the other hand, Binance users face a bigger problem, which is that it is difficult for them to continue from the beginning.
Why Traders Want to Sue Binance
Binance does not have a real headquarters and its activities are carried out only online. This has left sufferers wondering how to sue them, and while it sounds ironic, it is.
The Wall Street Journal described this situation by saying: “It is different from traditional investment platforms. Binance platform has no real headquarters and its operation is very chaotic.
The shortening of the Binance platform has brought bad luck to many traders. One trader immediately lost $70,000 because he was unable to complete the transaction. Binance is demanding compensation for those affected. However, one of those involved told the Wall Street Journal that the compensation was a 3-month paid subscription to the Binance VIP platform.
The platform was previously tracked by the US Department of Justice for money laundering, tax evasion, and hacking in 2019.
Although the field of activity is one of the most sensitive, previous incidents show that the company is behaving in an unprofessional and ruthless manner.
Additionally, one trader said he lost up to $3 million because the Binance app did not allow him to log into his account and sell his tokens when the price fluctuated.
Binance was founded in 2017 by Chinese-Canadian entrepreneur Changpeng Zhao. However, according to Wikipedia, the head office is located on the island of Seychelles and of course operates in every country in the world except for countries where it is prohibited.