Binance Has Started Closing These Accounts!
Gregory Hitchens opened a US Binance account last year. He transferred his funds from the original exchange to the Uncle Sam-approved counterpart as Binance prepared to sweep U.S. users off the main exchange by 2020. On Feb. 8, Hitchens paid a chargeback to reconcile his balance. Since then, he’s been bombarded with emails from Binance complaining that he’d done the wrong thing.
Binance’s Notice of Claim
Before you file a complaint with Binance, you must first submit a Notice of Claim. This document describes the nature of your claim and the specific relief you seek. You must include your Binance account email address in this document. If you receive an email from Binance, you can submit the Notice of Claim to that address. If you do not receive an email from Binance, you may send it to another email address provided in the correspondence.
The German police and lawyers representing alleged victims of a fraud also sought information from Binance. The two men were suspected of helping a German Islamist gunman, and one of them had made a number of unspecified transactions through Binance. Binance executives did not respond to requests for comment. But Reuters has reviewed the documents filed by the German authorities and has found several issues in them. Most of the responses to Binance are unfavorable for the company.
Binance’s Terms of Service
Users who are violating Binance’s Terms of Service are being forced to cancel their accounts. The company is attempting to prevent abuse and misrepresentation, and is putting its reputation at risk. To prevent abuse, we’ve outlined what we’re doing. Listed below are some of the steps we’re taking to protect our reputation and ensure that we’re using Binance in a legal manner.
Users are allowed to use the Binance Services only for personal use. This means that they may not use the platform for commercial purposes, including transactions on behalf of others. Similarly, users cannot use Binance for any other commercial use, such as buying or selling cryptocurrencies on behalf of others. Users must meet Binance’s criteria and conditions to use the Binance Platform. They’re also prohibited from using the platform for any purpose other than personal use.
Trader FYAZ Ahmed from Canada has lost $6 million in cryptocurrency due to the sudden drop in ethereum. The trader was using the world’s largest digital currency exchange Binance to conduct his trading. On May 19, the exchange experienced a major outage for about an hour, coinciding with the biggest one-day drop in cryptocurrency since March 2020. The entire crypto market lost over $1 trillion in value in just one day. Ahmed had lost his entire position on Binance. His customer support team responded by releasing a form for compensation, which he filled out and sent back. The company offered a small percentage of the losses, with a maximum of 30 percent of the losses.
After the exchange closed Ahmed’s trade, the company started investigating the issue. The group was then approached by an independent law firm, Liti Capital, which issues its own cryptocurrency, as well as a practice that incorporates public decision-making into their cases. Liti Capital also staked $5 million to support the lawsuit. The group also hired international law firm White & Case to help them prepare the case.
Binance’s SAFU fund
A massive hack recently took down one of the largest cryptocurrency exchanges, and Binance has announced that it has set up the Secure Asset Fund for Users (SAFU). In July, the company created the SAFU fund, which holds 10% of all trading fees, to protect users against major hacks. CZ, the founder of Binance, has proposed rolling back the BTC network in case of a major hack. In response, the exchange halted all functions, including trading and withdrawals. The users were then prompted to recreate their API keys.
The SAFU fund is a cryptocurrency security account at Binance that holds a total of $1 billion in bitcoins. It protects users’ funds from being stolen and is intended to provide a means of remedying compromised accounts. However, since the fund is a public fund, the value is subject to the volatility of the cryptocurrency market. However, this fund is not fully invested yet, so the total amount will increase.