Colombian Users Sue Binance For Closing Accounts

What is worse than money in your bank account, and then receiving an email saying you can’t access it due to illicit activities? This is what happened to young Colombians trading crypto in Binance. They aren’t happy about it.

A group of Colombians have reported that Binance blocked their accounts for more than five years. This was because they received illicit funds, according to the FIOD. Some users reported that funds were taken from their accounts without authorization.

Many Binance users reported that they were blocked for longer than five months.

Andrea Torrente is one of the victims. She said that she was forced to use legal channels by her lawyer 15 days ago to get her account back. It is currently blocked.

Binance’s Colombian legal representative has not responded to him. She also stated that accounts that were not blocked by the FIOD are the ones that did not receive a blocking notice from them.

“In theory, this week is the deadline by which Binance should notify Colombia’s legal representative and other authorities.”

Some users may have accounts worth up to $1,000,000 One user claimed that he had $1 million or more in his exchange account when it was closed. He was unable to profit from Bitcoin‘s rally and realized his gains. Juan Pombo had $143,000 blocked which, he claims, left him “literally bankrupt.”

Even though not all affected crypto traders had the same amount of money on the platform as the others, the group is prepared to pay more for lawyers than the money they have in their accounts to obtain justice.

The legality of funds can be proved by users.

The affected crypto traders, unlike Binance, claim that they have the financial records to prove the source of their funds. They could still make some profit if they can prove they were unable to profit from the platform’s negligence.

For instance, Torrente used USDT arbitrage to take advantage of price fluctuations in exchange houses in Cali and Binance.

Some transactions were connected to the Dark Net.

Cesar Maya is another example. He was able verify via Chainalysis that he had purchased cryptocurrencies from Dark Net people without knowing it. Binance blocked his account because he did not make even 1% of his transactions.

Maya’s lawyer assured Maya that the company would not hold his funds because it is easy for him to show good faith in her purchase. Other users with the same problem also had their accounts unblocked and all funds available.

Torrente claims that the Asian giant washed its hands and told users to write to the FIOD, or the Dutch police. This is the entity that issued an order to freeze funds.

“You ask Binance to give you the freezing orders that the FIOD has issued. They tell you to write to a Dutch courier. We received the same reply from Binance almost six months ago. Our chats were shut down by them. They basically just spit on each other. They tell you to contact them by email, even though they don’t know what to do.