Major Stories On Bitcoin, Binance And NFTs

Binance froze when Bitcoin crashed. Now users want their money back

Binance, the world’s largest cryptocurrency exchange, froze for over an hour just as the price of Bitcoin and other cryptocurrencies plunged. Users, who had made leveraged bets on their rise, were locked out. As losses steepened, the exchange seized their margin collateral and liquidated their holdings. Binance traders around the world have been trying to get their money back. But unlike a more traditional investment platform, Binance is largely unregulated and has no headquarters, making it difficult, the traders say, to figure out whom to petition. Now a group of about 700 traders are working with a lawyer in France to recoup their losses. In Italy, another group is petitioning Binance over the same issue. A Binance spokesman said extreme market volatility, like on May 19, can create technical bottlenecks for it and other exchanges. Read more here

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