A crypto investor sues Binance

Şükriye Akdeniz

Aug 24, 2021

A crypto investor claims he lost millions of dollars in Ethereum because of Binance

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A cryptocurrency investor named Fawaz Ahmed sued Binance. According to the investor's claim, Ahmed, who planned to sell his coins and take a break from trading for a while when the price of Ethereum fell, could not sell due to the interruption he experienced on the day he wanted to exchange. In the incident on May 19, crypto prices fell, along with the prices of many other assets, including stocks and gold.
As a result, Ahmed was unable to sell his assets and thus lost a great deal of money. Ahmed, who allegedly lost several million dollars, thinks that Binance should make up for it.
The investor said in a recent interview:
“This loss was not fair. It was something that was out of my control.”
Binance then reached out to Ahmed and offered him an extremely low amount of compensation. Ahmed was not satisfied with this and decided to pursue the matter legally. While it is thought that Ahmed will be one of many who want to request arbitration payments from the crypto exchange, Binance mentioned the following in a released statement:
“Our policy is fair because we compensate users who experience a real business loss due to problems with our system. We do not address hypothetical “what could have been” situations such as unrealized profits.”
This was not the first outage Binance has experienced. Allegedly, the company caused many people to lose millions, especially when they entered risky transactions.

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