According to the information obtained, Australian investors are considering filing a class action lawsuit against Binance to recover their losses.
Australian investors, negatively impacted by repeated system failures on cryptocurrency exchange Binance and dissatisfied with compensation offers, are considering filing a class action lawsuit to recover their losses, the Daily Telegraph reported.
🚨Problems in Binance and Exchanges
Binance , which is the largest cryptocurrency trading platform in terms of trading volume, and some other major exchanges experienced some access problems, especially in February and May, when price volatility was high.
🚨Crypto investor Francis Kim from Melbourne began investigating a class action lawsuit with other Binance users after a May 19 outage cost him US$181,000 . According to the statements, Binance offered Kim $60,000 in compensation in return for his losses.
✅By contrast, Kim found 10 more Australians with total losses of US$1.2 million. However, this amount would not justify a class action lawsuit, so the group is currently looking for more injured people internationally.
✅Australia and Cryptocurrencies
Australia has not taken any steps towards regulating cryptocurrency exchanges at this time . But a Senate Committee is making applications on ways for Australia to update its cryptocurrency regulations.
The Australian Securities and Investments Commission, on the other hand, warned that investors will not be protected if they are harmed due to technical outages and system failures.
In addition, it has been witnessed in previous years that various disruptions are experienced in crypto money trading platforms , especially during periods of intense transactions , but that these disruptions are resolved as soon as possible.