A group of Italian and international Binance users have filed a lawsuit against the company and its CEO, Changpeng Zhao, seeking damages.
Binance, one of the world’s largest cryptocurrency exchanges, is facing a class action lawsuit in Italy. Italian users have sued Binance for compensation for losses in the stock market outage since 2021.
Italian Investors Sue Binance Over Stock Market Outages
Investors, who experienced disruptions on the Binance platform last year, confronted Binance and its CEO, CZ.
Users who have filed a lawsuit for compensation for damages suffered by users during the outages will face Binance in Italian court on Thursday for a class action lawsuit.
Plaintiffs cited the reason for the lawsuit as the cuts made it difficult for them to change their trading positions and caused tens of millions of dollars in losses. In addition to all this, they also stated that Binance violated Italian regulations with its futures and leveraged trading feature.
Let us remind you that Binance, which had a headache from previous cuts, stated that a new token could be formed during Ethereum Merge, in a statement made yesterday, and therefore introduced measures to reduce the trading risks that may arise from the resulting price volatility and to increase the security of funds.
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