A group of Binance customers are seeking to get their funds back after the platform froze in May. These users had leveraged positions and were unable to reduce them or close them. On May 19, Binance’s app crashed for more than one hour, leaving customers unable to manage their funds. These users are now pursuing legal action against the exchange in France and Italy.
Users Organizing to Recover Funds From Binance
A group of users affected by outages in the Binance service is organizing to battle the exchange. Hundreds are pursuing legal action in France and Italy after the exchange froze on May 19. This is the case for Anand Singhal, a freelance coder who entered a leveraged position with more than $50K dollars. When Singhal started checking prices and perceived the incoming fall, he tried to get out of his position.
But he couldn’t. Due to the precipitous price fall that bitcoin and other cryptocurrencies experienced at that time, Binance’s platform was unable to cope with the transaction load. Hundreds of thousands of traders were trying to do the same thing at the same moment: exit the market. The platform crashed and left traders unable to handle their positions for more than an hour.
Singhal and other traders lost their money…