The lawyer Suárez Venegas thinks that Binance cannot block users without a judge’s order. He also clarified that foreign authorities do not have jurisprudence to request such a measure.

The lawyer Camilo Suárez Venegas gave a detailed explanation on the case of the blocking of Binance Colombia users and showed positive views regarding a favorable resolution for those affected. He explained that if users do it right, they can get the funds back.

For various weeks, a group of Colombian users started to claim that the cryptocurrency exchange Binance blocked their accounts and froze the savings they had placed in them.

Some had more than one bitcoin (BTC), so the case generated a concerning impact among those affected, who have not yet received concrete answers from the company’s support.

The legal specialist and president of AsoBlockchain Colombia expressed that there must be legal action against Binance. Of course, he clarified that the process may suffer delay but that the funds can get recovered in full. Otherwise, the company would not look good in the world’s eyes.

More than 35 people have gathered in a Telegram group to create a joint complaint in this case. Likewise, Suárez Venegas assured that he knows about the current existence of at least 50 affected individuals in the country.

The Dutch police Cannot leave the Netherlands

Beyond the resolution of the conflict, which is the priority of those affected users, the lawyer considers that analyzing whether the exchange’s actions comply with what the laws in Colombia say is the best way to start a legal procedure.

Regarding this situation, the lawyer considered that Binance could only block a user when a judge tells him to do so through a precautionary measure. This measure would be a measure to guarantee the payment of future damages before the sentence of a trial.

On the other hand, the lawyer highlighted those police authorities from other countries such as the Netherlands and the United States of America could not make requests to investigate the origin of the funds.

Suárez Venegas also explained that the Dutch police could not leave the Netherlands. He said that police have no power to tell Binance Colombia to block any user. There is no jurisdictional and territorial jurisdiction for Binance to do that.

In this sense, the lawyer also assured that this action must not be allowed. Each headquarters has its dependency. For this reason, the lawyer was surprised regarding the “arbitrariness” of the case, especially considering that a company the size of Binance must have a solid legal team to back them up.

In these circumstances, this case can leave vital damages to the company due to the blocks generated by its users. Even considering the fact that some accounts do have the possibility to receive funds but not to withdraw them constitutes an act of bad faith from the company.

Regulation of Cryptocurrencies

On the other hand, Camilo Suárez Venegas brought a brief highlight on the regulation of cryptocurrency operations. The lawyer added that these days, such assets would end up being the subject of investigations. But, investigating is not the same thing as sentencing.

By: Jenson Nuñez


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