The investors in the class action suit allege they lost “tens of millions” of dollars due to not being able to manage their positions and view their balances during peak trading hours.
A group of Italian and international investors have filed a class action suit against crypto exchange Binance, claiming the firm violated its own rules on futures trading.
On Tuesday announcement, Italy-based legal and consulting firm Lexia LEXIA Avvocati stated it would be taking legal action against Binance to recover damages from trades on the crypto exchange’s futures platform. On behalf of a group of investors, the company and the Swiss Blockchain Consortium claim Binance breached its own rules on crypto derivatives trading and the platform did not function properly at certain peak trading times.
As per Local news outlet Milano Finanza, the lawsuit is centered around the crypto exchange going offline for several hours on different days — such as when Elon Musk had stated that Tesla had bought$ 1.5 billion in Bitcoin .
