March 4, 2024

Binance Malta charity turns into legal action

Binance Malta charity turns into legal action

The Malta Charitable Foundation went to court to demand that it recover funds from the exchange that it had promised.send to charity.

In 2018, Binaance made a commitment to helping cancer patients. The blockchain Charity Foundation, owned by Binance, was supposed to handle the payments.

Binance was never able to obtain a license to exchange cryptocurrencies in Malta and has been trying to liquidate its Maltese charitable foundation ever since.

In November 2018, the foundation launched a charity campaign with promises to pay out about $ 200,000 in cryptocurrencies.

According to the Binance fund website, high volatility has increased the value of the pledged amounts in 2018 to $ 9.6 million.

Binance Malta charity turns into legal action

The Malta Community Foundation stated thatrepeated attempts to raise funds from the Binance fund have failed. In this regard, he filed a lawsuit for an injunction barring Binance from liquidating the fund and moving assets to the United States.

Binance, for its part, claims thatThe funds were intended for direct payments to cancer patients and people with disabilities. However, the role of the Malta Charitable Trust was limited to requesting the transfer of funds to such patients. 

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