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Zero liability: Loss of 1,236,952 TUSD сaused by Binance

Damage incurred: 1.236.952 TUSD
Conflict as of May 05/31/2018

We are presenting another story (a trader’s review of his cooperation with Binance, a “largest exchange”). As you can see from the title of the article, the experience is negative again. After all, Binance is not responsible for its work, they are not liable for their traders’ trading and they generally do not care about anything taking place on the exchange, if it is for the exchange’s profit rather than loss – even despite malfunctioning, technical defects, and system failures. Binance can launch an update but they in no way seek to take responsibility for their mistakes and compensate for losses.

As you can see below (screenshots of his correspondence with the Support Center are provided), a client (trader) from Mexico suffered a huge loss of more than $1 million (1,236,952 TUSD) and this is even after a partial compensation from Binance. Of course, the compensation is not complete although Binance's fault is clear and obvious.

It came to a legal claim in China. We are presenting screenshots of the lawsuit and its text version for reference:


Re: The Missing Credits on the Binance Exchange Platform

Dear Mr. Zhao, Changpeng (CZ),

I, Mr. Linchang Shen, Attorney at Law with Shanghai Sun & Hold Law Firm hereby Officially issue you a lawyer’s letter instructed by and representing Mr. Marco Antonio Garcia Castro (hereinafter “Marco”), a citizen of Mexico with respect to the Missing credits on the Binance exchange platform (hereinafter “Binance”); your prompt response is highly appreciated. I have been advised that Marco has been a digital coin trader, who started buying and selling digital coins since 2016.

Marco uses many different cryptocurrency exchange platforms all around the world to do his trades. Considering that the Binance is allegedly the biggest cryptocurrency exchange platform in the world, capable of running 1,400,000 orders per second, Marco had thought that the Binance could facilitate his trading and therefore chose Binance to exchange digital coins. According to Marco, he placed a market trade order from BTC to TUSD on the Binance at 23:30:41 UTC, May 31st, 2018, Binance offered him 378 BTC equal to 2,818,508 TUSD and Marco took the deal (See exhibit 1 – Market Order Screenshot).

However, two seconds after making the deal, except 84 BTC were rejected, the rest 294 BTC were deducted from Marco’s BTC account, while the system only gave him Credit of 952,194 TUSD, which is equal to only 127 BTC (See exhibit 2 - Market Order Screenshot). Unfortunately, Marco lost 1,236,952 in TUSD credit which Marco was entitled to in accordance to the set trade order. 1,236,952 in TUSD credits was equal to 167 BTC at that time and date of the transaction.

Through May 31st to August 15th, 2018, Marco kept complaining to the Binance. Although Binance helped Marco retrieve 60 BTC, it is pity Binance Support Team Confirmed that “we do not see any fault from Binance and we Binance shouldn’t be Blamed and liable for your loss” on August 15th, 2018. Again on September 22nd, 2018, something wrong happened. Marco exchanged BTC for USDT at the price 6,715 USDT/BTC on the Binance, he sold 2 BTC but only received 8,940.03 USDT (See exhibit 3 - My 24h Order History Screenshot).

Marco complained to the Binance Support Team, who responded that “We have synced your account and balance, and orders should now be displayed properly. Please check after 5 minutes…” Fortunately, Marco retrieved the missing 4489.97 USDT credits (See exhibit 4 - Order History Screenshot, 2018.9.16~2018.9.23). The new incident well coincides with the previous one dated on May 31st, 2018. Undoubtedly, there exist technical defects and system malfunction in the Binance exchange platform. Legally speaking, the Binance should be liable for the missing credits suffered by Marco.

Hereby on behalf of Mr. Marco Antonio Garcia Castro I legally request the Binance to promptly make a reasonable compensation to him within 15 work days after receiving the lawyer’s letter. Otherwise, Marco will take legal actions and initiate litigation claiming for necessary apology, compensation, litigation cost and lawyer fee etc. Inevitably, the Binance will have to pay much more and the reputation of your company will be badly affected. Very truly yours,

Basically, the situation is roughly similar to Zero Liability: Loss of 86,000 USDT through the Fault of Binance, especially in terms of solving the problem. Binance refuses to admit their screwups and technical flaws causing losses to users, refuses to provide legal data for the lawsuit. With a lot of pressure, they can credit some of the compensation (usually a small part) and then stop responding to any further requests at all, either through the Support Center or through lawyers.

Their concealing tactics (Binance Does Not Answer Questions about Its Legal and Physical Location) allows being in the middle of nowhere and keeping on swindling. There are simply no effective (legal) methods to exert influence upon Binance’s decisions or any possibility of lawsuits, and Binance is confusing its criminal activities as much as it can in order to avoid criminal and judicial liability.

The "rogue casino" tactics implemented by Changpeng Zhao (Head of Binance Refused to Disclose the Location of Its Headquarters) is Binance’s official stance and it is a well-thought-out scamulent scheme for protection against victims and deceived clients that are numerous in Binance.

At the moment, together with Marco, we are studying all legal possibilities and, within Goals, Objectives and Assistance to we are not only planning a lawsuit in Binance’s one or another jurisdiction but also considering the possibility of criminal prosecution of Binance pseudo-exchange founders. 

A few words from Marco himself:

BINANCE.COM is a scam

I have lost more than $ 1 million of my own money in a single market order at BINANCE.COM. Binance Customer Support Service is concealing the location of headquarters from you, which makes it impossible to hold them legally accountable for their offences and permanent platform malfunctions. BINANCE.COM is not transparent, and they do not deserve your trust and, especially, depositing your hard-earned money in the exchange, whether it is cryptocurrency or fiat money. BINANCE.COM must be held liable and legally responsible, like any other cryptocurrency!

If you have fallen victim to BINANCE.COM, you can join us in the lawsuit against them. There are people from many countries arranging a class action lawsuit. In the meantime, you can contact us through this website and join our Telegram channel.

For now, we have found a lawyer in Shanghai, China, who is ready to start a lawsuit against

Linchang Shen, Lawyer,
Shanghai Sun & Hold Law Firm with office at 16 / F, Haoran High-tech Building, SJTU, No. 1954 Huashan Rd. Shanghai, P.R. China.
Tel: (86) 21-64484005

We are in the process of providing another lawyer in the USA.

All attempts to contact Binance management have failed: they are too busy with their own affairs to solve users’ problems and they are simply not interested in it. Scam is Binance’s official stance and marketing system. For example, here is an attempt to contact CHANGPENG ZHAO:


Проблема и факты общения, сделок. мошенничества задокументировано юристами и нотариусами. Идет подготовка к судебному иску и обращению в правоохранительные органы:


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