Court orders Binance to find user’s stolen cryptocurrency

August 19, 2021

Court orders Binance

In the UK, a court has ordered bitcoin exchange Binance to trace cryptocurrency stolen by unknown individuals from one of its users, project

According to court documents, on 6 June 2021, attackers gained access to accounts on the trading platform. They sold $2.6 million worth of digital assets, allegedly to their own accounts at a "significantly undervalued price" to avoid withdrawal restrictions.

The court ordered Binance to locate and block the stolen cryptocurrency if it is on the platform. The documents say the assets in question are in bitcoin, USDT, BNB and the project's own native token, FET.

"We are working closely with Binance and local law enforcement agencies to get details about the hacker. Issuing a court order to release this information is a standard process," said a spokesperson in a comment to The Block.

As a reminder, in June the UK Financial Services Authority banned the Binance unit from carrying out any regulated activities without prior approval from the regulator.

Following this, a number of local banks, including Barclays, Santander affiliate and NatWest, blocked customer transfers to the exchange. Clear Junction refused to process Binance-related transactions.

Binance doesn't offer fee-free trading. However, its fees are low compared with even the best crypto exchanges that charge fees and commission.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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