More than 67,500 euros are lost in the Binance labyrinth. That is what a Spanish businessman who led the Bitcoin Exchange (BTC) and other cryptocurrencies to trial, accusing him of “misappropriation.” The case puts the company under judicial scrutiny in Spain, thus joining similar investigations in Africa and South America.
According to a judicial document, There are “sufficient reasons for crime” to proceed to prosecution. Therefore, Judge María de los Ángeles Velázquez, head of the Court of Instruction 27 of Madrid, granted a period of ten days for Binance Spain Slu, the Spanish subsidiary of the company, as to the legal representation of the employer, to present your accusation writings or request the dismissal of the cause.
The businessman in question, identified as JL, said in his statement, presented in 2023 and advised by lawyer María Victoria Vega de Auren, which He could never operate with the cryptocurrencies deposited on the platform Because Binance did not provide the necessary access key. This despite multiple attempts on resolution through Burofax, a notification service with legally binding acknowledgment, which were ignored according to the plaintiff, who insists that he failed to recover his investment.
According to Report From the Diario de España, during the instructional phase, the court called to declare Changpeng Zhao, founder and exco of Binance, who did not go to the summons. Zhao, better known as CZ, directed the company in 2021 in which the events reported occurred. However, on November 21, 2023, Changpeng Zhao made public his resignation as CEO of Binance. In that same statement, he announced that Richard Teng, former global director of regional markets of the company, would be the new executive director of Exchange. Subsequently, on April 30, 2024, CZ was sentenced to four months of Prison for having allowed Binance to incur different crimes.
In any case, in the accusation filed against Binance in Spain, the “Functions” of the Exchange stands out, that is, the abandonment or lack of fulfillment of its responsibilities, as presented in the documents of the trial. This is because the statement presented by JL details how, despite rigorously following all security protocols and providing all the required documentation, the company did not solve the problem. He adds that this inaction generated a significant impact on his personal and professional life, evidencing a clear lack of commitment on the part of the platform.
The case is not unique, as cryptootics has been informing. This is because Binance is also under scrutiny In Brazil, for “harming Brazilian consumers”. Similarly, the giant cryptocurrency platform is under investigation in France, Nigeria and the Philippines.
