Binance threatens class action after system crash during May 19 Class recession

Australian investors who have suffered repeated system crashes on the Binance exchange and are not satisfied with the compensation offers are considering filing a class action lawsuit to cover their losses Daily telegraph.

Between February and May, Binance and other exchanges saw a series of crashes as investors rushed to access the platforms amid market volatility.

Melbourne-based investor Francis Kim was among those hit by the May 19 failure of Binance, which resulted in losses of $ 181,000. Binance contacted Kim and offered $ 60,000 in compensation. However, this result made Kim unhappy and sought other affected users to sue Binance. The UK has found 10 more Australians for a total of $ 1.2 million in damages, but with that amount insufficient to start a class action lawsuit, the group is now looking for more cases around the world.

Australia does not currently regulate cryptocurrency exchanges, but the Senate Committee is suggesting ways to introduce cryptocurrency regulation in the country.

Meanwhile, the Australian Securities and Investment Commission said that “investors are not protected if they suffer losses due to technical problems or system failures”.

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