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Binance is Facing Criminal Accusation in Spain

Press Releases Crypto News BeInCrypto Binance is Facing Criminal Accusation in Spain

A Spanish court is investigating Binance for alleged misappropriation of funds in 2021. According to local media, plaintiff “JL” accused the exchange of withholding his €67,550 investment.

Judge María Ángeles Velázquez claimed that JL demonstrated “sufficient criminal motives” on Binance’s part and gave his legal team 10 days to present their formal indictment.

Binance Might Need to Answer to a Spanish Court

Binance, one of the world’s leading cryptocurrency exchanges, is facing yet another legal trouble. The exchange faces accusations of market manipulation, albeit without formal criminal charges.

IYesterday, French authorities investigated Binance for money laundering, and a Spanish judge launched a new case today:

“The head of the 27th Court of Instruction of Madrid, María Ángeles Velázquez, explained that there are ‘sufficient criminal motives’ and agreed to end the investigation after having carried out the ‘pertinent’ proceedings,” a local media outlet claimed. Court officials refused to make further comments due to the ongoing nature of the case.

Specifically, Velázquez is addressing complaints against Binance from a Spanish businessman, initially filed in 2023.

This plaintiff, “JL,” accused the exchange of misappropriating €67,550 that he put on the exchange, alleging that Binance never gave him an access code. He attempted to recover the funds for two years before filing his complaint.

Now that Velázquez is sympathetic to JL’s arguments, he and his legal team have ten days to present their evidence and request penalties.

After this, Velázquez will dec

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Author: Landon Manning

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