The Italian law firm Lexia Avvocati, along with a group of investors from around the world, filed a lawsuit against the cryptocurrency exchange Binance, accusing it of violating its own rules when servicing trading on the futures platform. Thus, the company seeks to recover compensation for customers who have lost money trading cryptocurrency derivatives. The plaintiffs are supported by the Swiss Blockchain Consortium.
The Italian edition Milano Finanza provides additional details. Investor claims are based on interruptions in the Binance Futures platform on various days, for example, on February 8, when Tesla announced the purchase of bitcoin for $ 1.5 billion. Plaintiffs allege that they lost “tens of millions” of dollars and euros because they were unable to make timely changes their positions. Also, according to them, similar situations occurred on April 18, May 5, May 19, May 28 and June 4.
While Binance has not officially offered any compensation, Lexia Avvocati says its customers were offered “paltry sums,” which they declined as “ludicrous.” The law firm is ready to withdraw the claim if Binance properly settles with customers by July 12th. Otherwise, she promises to seek regulatory restrictions on Binance’s activities in the EU and Switzerland.
The Lexia Avvocati website provides a form that anyone can use to join the claim. The timing of this application is of interest. In recent weeks, Binance has been in the spotlight of several regulators, including European ones.
Note that investors periodically file similar claims against the exchanges, but they rarely manage to get compensation, except in cases of flagrant violations. So, in December last year, customers tried to sue Coinbase for offering them XRP cryptocurrency, the status of which was questioned by the US Securities and Exchange Commission (SEC), and FTX and Bitfinex were at one time accused of market manipulation.
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