Colombian users are taking Binance to court after they reported their accounts got blocked from the exchange for five months so let’s find out more today in our latest Binance news.

Having your money locked in your account and getting an email saying that you can’t access it because it came from illicit activities is possibly the worst thing that can happen to a user. And this is exactly what happened to a group of Colombian users who traded on Binance and now they are not too happy about it.

For about five months, a group of Colombian users reported that their accounts were blocked by Binance because they got their money from illicit activities according to the Tax Information and Investigation Service of the Netherlands. Some reported that funds from their accounts were subtracted without authorization. A few Binance users reported being blocked for about 5 months.

SEC Charges Siblings, coin, scam, platform


One of the affected was Andrea Torrente who said that she had to resort to legal channels via her lawyer to try and recover her account which was blocked. However, she hasn’t recieved an official response from the Binance legal representative in Colombia or from any other authorities. She said that the only accounts that were unblocked are those of people that didn’t receive a blocking notification from the regulator:

” In theory this week marks the deadline by which Binance’s legal representative for Colombia and other authorities should be notified.”

Some users have up to $1 million in their accounts and one of the users said that he had more than $1 million in the exchange when the account got suspended. This made it hard for her to profit from the BTC rally and make some gains and so many others like Juan Pombo who got their $143,000 blocked which left him basically bankrupt. Although not all of the affected traders had similar amounts of money stored on the platform, the group is still willing to go to the last consequences to get some justice even if they have to spend more money on lawyers than they have in their accounts.

Unlike Binance, the traders claim to have the means to prove the origin of the funds thorugh their financial statements but not all is lost yet and the traders can make some money if they can prove that they lost the chance to make a profit due to the negligence of the platform.

crypto is brewing

crypto is brewing

Another case was the one of Cesar Maya who was able to verify via Chainalysis blockchain explorer that he purchased crypto from people on the Dark Net without being aware of it. Binance blocked his account for a transaction that didn’t represent 1% of his movements. Maya’s lawyer assured that the company can’t hold his funds and prove good faith in the purchase of the assets.


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