An account blockade that happened more than five months ago due to money laundering issues has prompted some Colombian users of Binance to commence legal action against the exchange in the country. According to reports the funds blocked exceed $1 million, and after an investigation from the FIOD, the Netherlands’ anti-money laundering watchdog, the funds were linked to financial crimes.
Binance Account Blockage Prompts Legal Action in Colombia
Binance is facing legal issues in Colombia after blocking the accounts of a group of citizens whose activities were allegedly linked to a money-laundering investigation from the FIOD, the Fiscal Intelligence and Investigation Service of the Netherlands. According to reports, the value of the cryptocurrency blocked in these accounts totals more than $1 million, with users being unable to move the funds since five months ago.
Some users noted they’ve been victims of a seizure of funds, like Jairo Velez, who stated:
I have been blocked sin
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