In the past few weeks, several Colombian citizens have claimed that the Binance exchange has 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 this 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 suspended, as its reputation will be damaged globally.
Binance could suffer big from this lawsuit, according to lawyer Camilo Suárez Venegas
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 outages the company has caused for its users, Camilo Suárez Vengas thinks this lawsuit could do great harm to Binance, especially considering that certain accounts can receive funds but not withdrawals, and this constitutes maliciousdollary activity.