More than 67,500 euros are lost in the maze of Binance. This is what a Spanish businessman claims who took the giant bitcoin (BTC) and other cryptocurrencies exchange to court, accusing it of 'embezzlement.' The case puts the company under judicial scrutiny in Spain, joining similar investigations in Africa and South America.

According to a court document, there are 'sufficient grounds for criminality' to proceed with prosecution. Therefore, Judge María de los Ángeles Velázquez, head of Instruction Court 27 in Madrid, granted a ten-day period for Binance Spain SLU, the Spanish subsidiary of the company, as well as the legal representation of the businessman, to submit their accusation writings or request the dismissal of the case.

The businessman in question, identified as J. L., stated in his declaration, presented in 2023 and advised by lawyer María Victoria Vega of Auren, that he was never able to operate with the cryptocurrencies he deposited on the platform because Binance did not provide him with the necessary access key. This despite multiple attempts at resolution through burofax, a legally binding notification service with acknowledgment of receipt, which were ignored according to the plaintiff, who insists he was unable to recover his investment.

According to a report from Diario de España, during the instruction phase, the court summoned Changpeng Zhao, founder and former CEO of Binance, who did not attend the summons. Zhao, better known as CZ, was running the company in 2021 when the reported events occurred. However, on November 21, 2023, Changpeng Zhao publicly announced his resignation as CEO of Binance. In that same statement, he announced that Richard Teng, former global head of regional markets of the company, would be the new CEO of the exchange. Subsequently, on April 30, 2024, CZ was sentenced to four months in prison for allowing Binance to incur various crimes.

source: criptonoticias