United Kingdom High Court Has Ordered Crypto Exchange Binance To Investigate $2.6 Million Crypto Hack

It has been reported that Fetch.ai (a Cambridge-based lab of artificial intelligence) requested that Binance should detect and capture the fraudsters involved in hacking the crypto accounts of the claimants on 6th June. Because of the restrictions imposed on the accounts, the hackers could not remove the assets. Therefore they reportedly traded the assets to some other individuals within an hour. The company has made another request to Binance for freezing the on-exchange accounts of hackers. A judge of the High Court later granted the requests of Fetch.ai.

Binance has reportedly signaled that it will abide by the orders. It further mentioned that no recovery would be provided to the applicants if they are not able to prove that they were victims and had undergone the scam.

Binance experiences constant scrutiny

The court’s directions pursue Binance at a difficult time. Recently, the company has been under severe scrutiny from organizations all over the world. Several countries, along with the United Kingdom, have informed customers against Binance, and others have straightforwardly banned it. At the earlier period of July, the consumers of two prominent British banks were restricted from accessing Binance. First was Barclays that halted the funds’ transfers of its clients to the exchange. After that, Santander UK stopped all sorts of payments to the exchange just two days later.

The moves of both the institutions were taken as a result of the consumer warning given by the Financial Conduct Authority (FCA), the financial regulator of the United Kingdom. FCA focused that Binance did not have any authority to carry out crypto business within the borders of the UK. Later in July, a similar warning has also been issued by Italian regulators. As a consequence of such decisions taken by banks, Binance eliminated an official currency of the United Kingdom called Pounds Sterling (GBP) to be utilized as an option for withdrawal.

Internal issues of Binance

Binance has also undergone several internal problems recently. Within a month, two prestigious executives left their posts from the exchange’s respective branches. Most recently, the top-ranked banking regulator of the United States named Brian Brooks quitted from the post of CEO at Binance.US. He had served the exchange only for three months. Three weeks before his departure, Ricardo Da Ros resigned from the post of Binance’s director during July.

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