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“Binance Colombia cannot block accounts without a court order,” says lawyer

Key facts:

The lawyer Suárez Venegas considers that Binance cannot block users without a judge’s order.

He also explained that foreign authorities do not have jurisprudence to request such a measure.

The lawyer Camilo Suárez Venegas explained the case of the blocking of Binance Colombia users and was positive regarding a favorable resolution for those affected. “If they do it right, they can easily get the funds back,” he said.

For several weeks, many Colombians began to claim that the cryptocurrency exchange Binance locked their accounts and froze the savings they had deposited in them. Some had more than 1 bitcoin (BTC), so the case generated a lot of concern among those affected, who have not yet obtained concrete answers from the company’s support.

“People must sue Binance in Colombia so that they respond to them in Colombia,” explained the legal specialist and president of AsoBlockchain Colombia to this medium. Of course, he clarified that the process “may be a little delayed”, but that the funds can be recovered in full. Otherwise, the company would not look good in the world, he considered.

As . has reported, more than 35 people have gathered in a Telegram group to organize a joint complaint in this case. Likewise, Suárez Venegas assured that he himself knows of the existence of at least 50 affected individuals in the country.

“The Dutch police cannot leave the Netherlands”

Beyond the resolution of the conflict, which currently, almost a month after it started, is the priority of those affected, it is also worth analyzing whether the exchange’s actions comply with what the laws in Colombia say.

Regarding this, the lawyer consulted by this means considered that Binance can only block a user when a judge tells him to do so through a precautionary measure, that is, “a measure to guarantee the payment of future damages before the sentence of a trial ».

In addition, although he affirmed that it is possible that police authorities from other countries such as the Netherlands and the United States ask to investigate the origin of the funds, Suárez Venegas explained that the Dutch police cannot leave the Netherlands. “You cannot tell Binance Colombia to block a user. Where is the jurisdictional and territorial jurisdiction for Binance to do that? “, He questioned.

blocking-user-accounts-binance-colombia

When trying to log into their accounts, many Binance users come across a message like this. Source: ..

In this sense, the lawyer assured that this It is not allowed even because it is the same company. “If you sue Coca Cola Colombia, you don’t sue Coca Cola Mexico, the United States or Spain. Each headquarters has its dependency, “he exemplified.

For this reason, the lawyer was surprised by the “arbitrariness” of the case, especially considering that a company the size of Binance “must have a very strong legal team.”

In these circumstances, this case can generate very important damages to the company due to the blocks generated to its users. Even the fact that some accounts do have the ability to receive funds but not to withdraw them constitutes “an act of bad faith,” he said.

Regulation of cryptocurrencies

Ultimately, Camilo Suárez Venegas offered a brief reflection on the regulation of cryptocurrency operations. “Being a new topic, it is normal that cryptocurrencies are investigated. But beware, investigating is not the same as sentencing, “he began.

Later, he stated that there are no clear protocols yet for the whole process of selling cryptocurrencies. «In law, experience and practice become law. This means that businesses exist first and then they are regulated, ”he said. For this reason, it is time for countries to work on this issue, he concluded.

About the author

Donna Miller

Donna is one of the oldest contributors of Gruntstuff and she has a unique perspective with regards to Science which makes her write news from the Science field. She aims to empower the readers with the delivery of apt factual analysis of various news pieces from Science. Donna has 3.5 years of experience in news-based content creation, and she is now an expert at it. She loves journalism, and that is the reason, she moved from a web content writer to a News writer, and she is loving it. She is a fun-loving woman who has very good connections with every team member. She makes the working environment cheerful which improves the team’s work productivity.

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