Binance Exchange Is Facing User Rights Protection Issues in China

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The leading crypto trading platform, Binance users, alleged to appeal their rights visiting Binance offices in Shanghai.
  • As a result, the right defenders captured several pictures in front of the office building.
  • There is no specific information provided by both parties to prove the issue.

The leading crypto trading platform, Binance users, alleged to appeal their own rights visiting Binance offices. As per reports, on May 25, many right defenders reached the Binance office in china, but the security guard prohibited them from accessing.

Right defenders moved to social media to seek offline protection

As a result, the right defenders captured several pictures in front of the office building. They shared the images on social media. Additionally, the right defenders have created an organization to seek offline rights protection in Shanghai.

However, reportedly after the comeback of Binance in China, and suspected that it had first-time accompanied in the protection of the right. Though currently, there is no response from the exchange.

Moreover, it is difficult to pretend whether the rights defender is a reasonable investment loss or the liability of the exchange. There is no specific information provided by both parties to prove the issue.

The activists kicked out by various Binance groups

Furthermore, an ex-prosecutor and lawyer informed Wu Sai Blockchain that if defenders have evidence related to the downtime issue, they can directly claim for compensation from the exchange. If it is an investment loss, it might recover via a public inspection system.

Besides this, the rights defender “Captain Timo 808” notified Wu Blockchain that they had encountered several issues. Such as IEO losses, contract unable to close positions, and stop losses. It also includes contract downtime and the effect of delisting FTX leverage tokens.

Also, the protesters pointed out they kicked out by various Binance groups. They have terminated the moment they joined the group. Including this, the activists provided email screenshots. This indicated that the Binance contract has had an error message of “the closing order rejected.”

This ultimately failed to close the position in time and causing losses. Right now, the exchange is facing the user’s offline rights protection problem.  On March 23, the right defenders of Huobi and OK came to Hainan and Beijing to protest.

We Recomaned

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners