Binance’s May 19 outage resulted in a massive loss of funds
A new report by CNBC has revealed that cryptocurrency exchange Binance is facing charges from some traders that lost millions of dollars during an outage in May. According to the report, the traders lost millions of dollars when the cryptocurrency exchange experienced an outage that lasted for hours.Canadian cryptocurrency trader Fawaz Ahmed said he lost around $6 million when he couldn’t exit a position thanks to the outage in Binance’s network at the time. “This loss was not fair. This is something which was out of my control,” Ahmad said. The compensation offered by Binance’s support team was very low, he added.
Ahmad is one of the hundreds of traders who are claiming Binance should pay for damages caused by its services. White & Case, a New York-based law firm, has been hired to represent the claimants.
Binance’s spokesperson said the exchange compensates traders but not in scenarios like this. “Our policy is fair in that we compensate users who experienced actual trading losses due to our system’s issues. We do not cover hypothetical ‘what could have been’ situations such as unrealized profits,” the spokesperson said.
Binance’s pressure is coming from all angles
Binance has been facing heavy criticism from various angles in recent weeks. Regulators in the United Kingdom, Italy, Malaysia and the Netherlands have issued a warning to Binance and asked citizens to desist from using the crypto exchange since it is operating without a license in those countries.The crypto exchange has been making changes to its operations, but the resignation of Binance US’s head is also another huge blow for the company.
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