BInance THINKS IT CAN GET AWAY WITH LOW COMPENSATIONS.
WE Don't.
~ safu union
THIS IS WHY WE FIGHT.
"We are a group of consumers bravely standing up against Binance and taking legal action to demonstrate the wrong they have committed. From our experience, legal, and forensic evidence we demonstrate that the Binance Leveraged Tokens (a derivative product traded on their spot exchange) do not work as intended. In addition, severe server outages consistently occur during crucial (volatile) market times on their Futures platforms, which have resulted in a failure of server access to the exchange. We have been completely rinsed and liquidated in our futures accounts. This was a daylight robbery of our savings. We lost our mortgages, we cried to our kids, and today we stand to demand Binance be accountable to their corporate negligence. We stand with regulators, journalists, and forensic and academic researchers worldwide to demonstrate and show that Binance, it is the Binance exchange service, which is at fault for the consequences of our financial and emotional loss and hardship."
BACKGROUND
On May 19 and at other times during 2021, Binance customers experienced a range of problems when trading on the Binance exchange. These were outside their control and led to them being unable to effectively manage their trading positions, leading to losses of their assets and commensurate opportunity costs. Many traders were also liquidated without notice and in an unfair manner.
Many people were also affected deeply on an emotional level and we’ve even had reports of traders wanting to suicide as a result of their situation. Affected traders are from all over the world and many relied on trading to supplement their meagre incomes, particularly in third world countries. This enormous financial burden has been compounded by COVID. Binance has not shown any compassion or exhibited even minimal duty of care and offered most SAFU members insultingly low compensations.
To compound things, Binance have legally “gagged” any compensated traders and even if they believe they’ve been unfairly treated, they have no further legal recourse. Also, they are now unable to discuss their experience, leading to Binance being able to “whitewash” the situation. Many traders felt coerced into taking sometimes miniscule compensation as the cost of arbitration in Hong Kong is prohibitive compared with their loss. Arbitration is a Binance-dictated pathway to deal with disgruntled traders and has apparently been set up to prevent traders from formally complaining. Another example of Binance’s lack of even basic customer service and neglect of its duty of care to its customers.
On the 19th of May 2021, Binance consumers faced a total meltdown and are today left behind with their losses, no compensation offer and no jurisdiction to bring their cases. Binance, the leading crypto exchange is in effect a company that seems to be regulated nowhere, bringing at risks all deposits received.
IMPORTANT : our lawyers will not only try to get compensation from the 19th of May events but also from previous outages. If you have been exposed to Binance on the past 12 months and are seeking compensation, please fill the form at https://forms.gle/CzKGm6coVaQuydZC8
On the 19th of May, two different outages occurred for Binance users :
(1) The futures platform ceased to function properly and users all around the world could not access their account and trade on both mobile apps, web and APIs. This failure to enable access to the platform generated massive losses for Binance consumers who discovered later on, once the "outage" was resolved, that Binance had liquidated their position.
Binance, being fully responsible of this outage, should compensate all loses of its futures customer base.
(2) On the 19th of May, the leveraged tokens offered on Binance platform (Binance Leveraged Tokens like ETHDOWN, BTCDOWN, etc.) enabling to speculate on the upside or the downside for the most popular cryptocurrencies and tokens also suffered a catastrophic event that even forced Binance to stop trading on most of them. Customers could not trade their positions and, for the tokens that were still trading, saw their value, for both UP and DOWN, devalued by an order of magnitude (ADADOWN token value being the most affected with a division by 25 of its normal value according to this study published on reddit : https://bit.ly/2T3pxNY).
Binance has not admitted to fault at this point and does not compensate users for the losses incurred.
If you are interested in getting information to get compensation from Binance and take further action against them, please register here. The information you share with us will strictly be confidential and anonymized so that lawyers advising the group have a better understanding of what is at stake. Your email will allow you to be up to date with the latest developments and to receive information about further action.
This is the official website of the well known, 600+ discord group at: https://discord.gg/SRZctQZktj
ISSUES MAY 19 AND BEYOND
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Traders experienced trading platform systems outages, leading to them being unable to effectively manage trades, close trades and being unable to view screens properly (e.g. black outs and frozen screens). Problems occurred on Binance desktop applications, web app, APIs and mobile apps.
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Messaging systems stopped working with important updates either not appearing or coming the day/s after
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We are investigating problems with the matching engine and pricing and possible manipulation of pricing when compared to other exchanges
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We are investigating Binance actively trading against their traders to ensure they stayed profitable and to cap any potential losses (eventuating in forced liquidations)
Join the Legal Action.
Join the fight and register your claim by filling the form at https://forms.gle/CzKGm6coVaQuydZC8