A Sao Paolo court rejected Binance’s appeal in a case involving user withdrawals

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In a case in which the top cryptocurrency exchange was up against a complaint about withdrawals, a court in Sao Paolo, Brazil, decided against Binance.

 A user who filed a complaint against the exchange after being unable to withdraw his funds from the website was awarded roughly $2,000 in damages as well as the monies deposited as part of the September court ruling.

 In Brazil, local courts have started to handle issues involving bitcoin exchanges.

 One of the largest cryptocurrency exchanges on the market, Binance, was unsuccessful in a dispute stemming from a customer’s difficulty to execute withdrawals in Sao Paolo in September.

 Recent reports state that the complainant claimed the exchange was unable to handle a withdrawal of over $14,500 during a time when Binance has banned direct deposits and withdrawals from the nation.

 The exchange was ordered to carry out the outstanding withdrawals by the court, and the consumer was also given nearly $2,000 in moral damages.

 A judge allowed an exchange to permit a customer to withdraw cash that had been banned because of their claimed involvement with a hacking attempt, according to an article in the local newspaper Metropoles about another comparable case that was concluded in December 2021.

 The complaint is a result of the actions Binance had to take in June after Capitual, the exchange’s Brazilian payments provider, stopped processing Binance orders.

 At the time, Binance failed to modify its technological infrastructure to conform to the new legislative standards, according to Capitual, which also provided services to other exchanges in the nation.

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