Binance, a cryptocurrency exchange used by people worldwide to trade digital coins for fiat dollars and other cryptocurrencies, was hacked on July 6th. For over an hour during the hack Binance froze while some of their customers’ money vanished into thin air — leading many traders who leveraged bets against bitcoin and other cryptos to sue them now that they want what is owed back.
The issue here is that there are no regulations in place at all from any governing body .This means these aggrieved parties can't know whom it would be best petitioning or how much time has already passed before filing suit might make sense again - meanwhile we're talking about 700 individual cases just as French lawyers have stepped up this week with reports coming out recently.
"We took immediate steps to take care of our clients that were affected by the outage. We are sorry for any inconvenience this may have caused," said a spokesperson in an interview with WSJ
Also adding "we remain happy to speak with anyone who has concerns about the issue."
Binance published an open letter where chairperson Changpeng Zhao called on companies and organizations alike to ditch having headquarters all together as outdated. He also specified within his new letter how they aim at complying with their local laws while still providing assurance that Binance is dedicated towards taking care of its customers first and foremost
This year has seen the volatility of bitcoin and other cryptos on full display, with prices going high early in the year. Binance was responsible for a large portion of transactions at that time but when there were issues loading up security protocols as trading volume increased, flaws became apparent quickly.
Authorities from Japan and Cayman Islands issued statements to say they would not be issuing licenses for any crypto exchanges operating within their borders after it came out that Binance doesn't have one either- although this is disputed by some authorities who claim they do indeed hold an international license or two somewhere.
Binance continues to come under fire recently because companies like OKEx stated publicly that it will no longer support customers buying/selling ERC20 tokens through its platform.
What do you feel about this glitch faced by Binance users? Let us know your thoughts in comment section below
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