Binance US, the American arm of the world’s largest cryptocurrency exchange, has been accused of stealing money from its customers. The accusations come from a class action lAWSuit filed in the Southern District of New York.
The lAWSuit alleges that Binance US “knowingly and willfully” engaged in “a scheme to defraud” its customers by “misappropriating” their funds. The suit goes on to allege that Binance US “failed to disclose” to its customers that it was using their money to cover its own losses.
NOTE: WARNING: This article includes speculation and unverified claims about Binance US that may be false or misleading. It is important to be aware that no definitive proof has been provided to support these allegations, and therefore any action taken based on the information in this article is done at your own risk. We advise users to research any concerns they have about Binance US’s security and safety measures before sending funds or engaging in any other activities with them.
Binance US has denied the accusations, saying that they are “false and misleading.” The exchange says that it has “robust internal controls” in place to protect customer funds.
It is not clear how much money is alleged to have been stolen from Binance US customers. The lAWSuit does not specify an amount, but it does seek damages for “all customers who have been harmed by Binance US’s unlawful conduct.”
The lAWSuit is just the latest legal challenge faced by Binance. The exchange is already facing lAWSuits in the United States and Canada over allegations that it facilitated money laundering.
4 Related Question Answers Found
Binance is one of the most popular cryptocurrency exchanges in the world. But does Binance steal money? Binance has been accused of stealing money from its users on multiple occasions.
Binance US, the American arm of cryptocurrency exchange Binance, does not currently offer a wallet service. However, the company has plans to offer a wallet in the future. In the meantime, Binance US customers can use the wallet of their choice to store their cryptocurrencies.
As of September 2019, US citizens are not able to use Binance US. Binance US is a digital asset exchange created by Binance, one of the largest cryptocurrency exchanges in the world. The US-based exchange is not available to residents of New York state.
Binance, the world’s largest cryptocurrency exchange by trading volume, can’t seem to catch a break. The latest bad news for the company is that hackers were able to steal over 7,000 Bitcoin (worth around $40 million at press time) from its hot wallet. This is the second time in less than two years that Binance has been hacked, and it’s sure to renew concerns about the safety of centralized exchanges.