The post Spanish Court Investigates Binance for Alleged Misappropriation of €67,550 as Legal Challenges Mount appeared on BitcoinEthereumNews.com.

A Spanish judge is probing Binance for allegedly misappropriating €67,550 from an investor who claims he was unable to access his funds. The plaintiff, identified as “JL,” has ten days to provide concrete evidence or risk having the case dismissed due to insufficient proof. Former CEO Changpeng “CZ” Zhao was summoned to testify but reportedly ignored the request amid Binance’s ongoing legal challenges. This article explores a Spanish court’s investigation into Binance over alleged fund misappropriation, as the exchange faces mounting global legal issues. Binance Under Investigation by Spanish Authorities Binance, a prominent player in the cryptocurrency exchange space, finds itself embroiled in legal challenges once again. Recently, a Spanish judge initiated an investigation based on accusations of market manipulation, although formal criminal charges have yet to be established. On October 9, 2023, Judge María Ángeles Velázquez stated that there are “sufficient criminal motives” warranting this investigation into Binance, adding an additional layer of scrutiny to the exchange’s operations. As part of the investigation, local media have reported that the court is addressing a complaint made by a Spanish businessman in 2023, who is now known as “JL.” The plaintiff claims that he invested €67,550 into the platform but was never provided with an access code. After two years of attempting to retrieve his funds, JL resorted to legal action. Judge Velázquez has granted JL and his legal team a period of ten days to furnish the court with formal evidence and penalties for consideration. Should they succeed in providing compelling evidence, a formal legal proceeding may ensue. Legal Precedence and Broader Implications This case is particularly significant as it highlights the challenges cryptocurrency exchanges face within regulatory frameworks globally. Currently, Binance is also contending with a class action lawsuit in the United States, further compounding pressures on its operations.…

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Filed under: News - @ January 29, 2025 10:16 pm