Spanish court suspects Binance of holding client funds

A Spanish court has launched an investigation into the activities of the cryptocurrency exchange Binance, which is suspected of illegally holding client funds in 2021. This was reported by the portal Be(in)Crypto.

No criminal charges have been filed against the platform yet, as the court is currently working on a complaint filed in 2023 by a Spanish businessman under the pseudonym "JL." He claimed that in 2021 he deposited €67,550 on the platform but was unable to access these funds. After two years of trying to recover his money, the man decided to take the case to court, accusing the exchange of unlawfully withholding his investments.

The claimant’s lawyers have 10 days to file an official charge against the exchange, provide evidence of Binance's wrongdoing, and request a penalty. If JL fails to present sufficient evidence, the judge may dismiss the claim.

Earlier, we reported that the cryptocurrency exchange Binance is launching a new platform, Alpha, based on its Web3 wallet.