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UK court orders Binance to investigate $ 2.6 million hack

Binance, the main exchange cryptocurrency, received orders from the UK High Court to take action against hackers who allegedly stole $ 2.6 million worth of cryptocurrencies.

Fetch.ai, a Cambridge-based Artificial Intelligence lab, reportedly requested that Binance identify and track scammers who hacked into their cryptocurrency accounts on June 6.

Account restrictions prevented hackers from removing the assets in question. As a result, they allegedly sold those assets to a third party in the space of an hour.

The firm also asked Binance to freeze the hackers’ accounts in the exchange. Subsequently, a High Court judge granted Fetch.ai’s requests.

Binance has indicated that they will comply with the Court’s orders, according to reports. But nevertheless, Plaintiffs will not be able to apply for a recovery order until they prove they have been the victim of fraud.

Binance faces ongoing scrutiny

This court order comes amid a turbulent period for Binance. Recently, the exchange it has come under great scrutiny from institutions around the world.

Several countries, including the UK, have warned users against Binance, while others have imposed outright bans.

In early July, two leading British banks restricted customer access to Binance. First, Barclays stopped customer fund transfers to the exchange. Santander UK then blocked payments to Binance entirely a couple of days later.

The actions of both institutions were responses to a consumer advisory, issued by the UK financial regulator, the Financial Conduct Authority (FCA).

The regulatory body maintained that Binance was not authorized to conduct cryptocurrency business within the UK. Italian regulators issued a similar warning in late July.

Shortly after the decisions of these banks, Binance suspended British pounds (GBP), the official currency of the United Kingdom, as a withdrawal option on the exchange.

Binance has also faced internal problems recently. Two senior executives resign from their respective branches of the exchange in the space of a month.

Brian Brooks, who used to be one of America’s top banking regulators, resigned as CEO of Binance.US. He had only been in his position for three months.

In a statement Resigning on Twitter, Brooks cited “differences over strategic direction,” but also wished his former colleagues success.

His departure occurred three weeks after that of Ricardo Da Ros, who resigned from his position as director of Binance Brazil in July. Mr. Da Ros had also been at work for only a few months prior to his resignation.


All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at your own risk.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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