Colombian Users Blocked for 5 Months, Suing Binance

Binance has locked the funds of users based on info from Dutch Authorities, and the users want answers after 5 months.

Colombians Come for Binance

Several Binance users who have reported being geo-blocked for more than five months have opened court cases against the world’s largest exchange. The users’ funds appear to be frozen due to claims by the FIOD (Tax Information and Investigation Service of the Netherlands) that the funds are connected to illicit activity. 

The users all have funds that are stuck on the exchange and the users believe that have not received sufficient attention from Binance. The funds are not small amounts either. One user admits to having up to $1 million USD available, while others have reported upwards of tens to hundreds of thousands. 

Bárbara Distefano of CriptoNoticias spoke with several of the blocked persons on March 18 about their plight.

“I have been blocked since September 29, 2021. Already five months without access to my funds,” Jairo Vélez recounted to Distefano in Spanish. “In my wallet, they stole what I had and, according to Binance officials, the funds are held by the Dutch FIOD.”


Another affected user, Andrea Torrente, admitted to Distefano that legal action became a last resort as the Colombian users witnessed what they perceived as arbitrary decisions from Binance. Torrent claimed to see a pattern where accounts that were reinstated were not the ones that received notifications from Binance. 

“You ask them [Binance] to give you the freezing order that the FIOD issued and they tell you to write to a Dutch police courier. Almost six months ago we got the same response from Binance. They shut down our chats. Basically, they wash their hands. They say they have nothing to do with it and tell you to communicate with an email that is never answered.”

The Colombian users are able to confirm that some of the funds are traceable through the Dark Net and potential illicit activities. Binance has responded to the users directing them to contact the Dutch Authorities, to which the users say is not enough. Nearly, half a year after the fiasco began, the court battle could bring another lengthy spell to this episode. 

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