Traders filed legal action against Binance crypto exchange

Plaintiffs from France, the United States, Australia and Ukraine accuse the trading platform of failing to provide workyour infrastructure during periods of high load.

A group of traders from France, USA, Australia andUkraine has filed a lawsuit against the world's largest cryptocurrency exchange Binance, writes the Financial Times. Traders blamed the trading platform for failing to provide trades during periods of high stress. The plaintiffs claim that due to disruptions in the work of Binance, their losses amounted to $ 20 million.

Traders explained that due to a failure on the platformBinance for futures trading On May 19, when the crypto market collapsed and Bitcoin dropped to $30 thousand for the first time since January, they were unable to adjust their positions. As a result, these positions were forcibly closed and traders suffered losses. Their interests will be represented by the New York law firm White & Case.

In 2021, the marketplace facedpressure from global financial regulators. On August 13, she announced that some of the company's products are no longer available to residents of South Korea and Malaysia, in particular, trading pairs with the Korean won (KWN) and Malaysian ringgit (MYR), payment options for those currencies, and P2P applications. Binance explained the changes in work with the requirements of local authorities.

In July, Binance warned that it was discontinuingtrade in cryptocurrency derivatives in Europe. The first countries for which this opportunity was not available were Germany, the Netherlands and Italy. Their residents cannot open new accounts to trade futures or derivatives products. The crypto exchange also became involved in the investigation in Thailand, Singapore and the Cayman Islands.

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