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A number of Colombians claimed Binance blocked their accounts and frozen the funds deposited in them

Over the past several weeks, several Colombians have claimed that the Binance exchange has locked their accounts and frozen deposits there. According to attorney Camilo Suárez Venegas, the affected individuals will reach a favorable settlement.

a-number-of-colombians-claimed-binance-blocked-their-accounts-and-frozen-the-funds-deposited-in-them

Camilo Suárez Venegas

Lawyer says Binance Colombia blocking accounts without a court order is unlawful

According to Criptonoticias, it is believed that a cryptocurrency exchange can only limit an individual user if the court orders it to pass a temporary solution. Accordingly, it is a measure to guarantee future damages are paid before the judgment of a trial.

As many of those affected own more than 1 BTC, the situation has caused considerable anxiety among individuals who have yet to receive a clear explanation from the company’s customer service department.

“If they do it well, they can easily recover the funds, but those affected must sue Binance Colombia,” regards to a solution, Venegas stated.

According to the legal expert and head of AsoBlockchain Colombia, although the procedure may be delayed, the funds can still be recovered in full, citing that if the company does not return access, its reputation will be global.

In addition to resolving the dispute, which is now a top concern for those affected about a month after it began, it is also conceivable to investigate whether the assets traded on the exchange have complied with Colombian law or not.

Although Suárez Venegas stated that police from other countries, including the Netherlands and the United States, could request an investigation into the origin of the funds, he made it clear that Dutch authorities could not leave the country.

“You can’t tell Binance Colombia to block a user. Where is the jurisdictional and territorial jurisdiction for Binance to do that?” he questioned. “If you sue Coca-Cola in Colombia, it will not sue Coca-Cola in Mexico, the United States, or Spain.”

Due to the obvious disruptions caused to the company’s users, Vengas thinks this case could be hugely damaging to Binance, especially considering certain accounts can receive funds but not withdrawals, which constitutes a bad-faith activity.

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