Binance is one of, if not the, largest cryptocurrency trading platforms on the planet. However, we all still have our bad days, and the 19th of May was one of those for Binance. Well, some of their users, at least, anyway. These traders are suing Binance for their losses, or are they?
One holder of Bitcoin, Mr. Singhal, had accumulated over $50,000 by May 19th and lost due to outages on the Binance platform locking Mr. Singhal and many others out of trading. That came just at the time BTC plummeted to a long-time low, and the lockouts stopped users from trading to keep their money.
Not only did Binance outages stop trading, but they also seized their margins and liquidated the holdings, leaving the traders completely lost.
Mr. Singhal and around 700 other traders in a similar position are now working with a lawyer in France, trying to gain their losses back through suing Binance. However, as there is no official headquarters for Binance, they are struggling at the first step: trying to find out who the petition is against.
Only time will tell if someone will step up and accept responsibility for everyone’s losses. Still, as Lawyers fighting for a group of traders in Italy have already sent letters to 11 addresses for Binance, with no response, it is unlikely.