Binance Malta Lawsuit: Binance Foundation awaits Patients record to dispose of €7 million donation

Sunil Sharma
August 3, 2021
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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Binance’s Malta subsidiary has claimed that the exchange-run Blockchain Charity Foundation is waiting for the Malta Community Chest Fund to provide patient clearance, including patient’s medical bills and crypto wallet addresses. Binance has stated that the cryptocurrency assets have been “safely and transparently” stored on a cryptocurrency address easily accessible to the public.

Binance argues the delay was caused for security reasons

Additionally, the exchange said that the only reason for holding donation pledges was instead of patient verification, so the funds are not wrongfully transferred into fraudulent accounts.

Binance has assured that the hiked funding will solely be dedicated to cancer patients. The exchange claimed that their efforts to transfer the funds in the past to “suffering individuals that are in dire need of assistance” were unsuccessful, according to court documentation.

“We are happy that the appreciated crypto-asset now can help more people. This dedicated fund will always belong to the citizens of Malta,” the spokesperson told Times of Malta.

Chest Fund accuses Binance of attempting fraud

Regardless of Binance’s promises of security and transparency of the donation, the Chest Fund has claimed otherwise. The Malta Community Chest Fund continues to accuse Binance of attempting to liquidate the donation fund from its charity foundation and transferring it to Binance’s accounts in the US.

“This means the voluntary organization is trying not only to renege on the agreement and escape its obligations, but it is also trying to relocate its assets outside of Malta, to the US, where the Maltese courts have no jurisdiction,” the Chest Fund claims in court documents.

Case History

The Malta Community Chest Fund filed a lawsuit by July end, regarding three years of impending donation pledges by Binance-run Blockchain Charity Foundation. The amount had increased from a couple of hundred thousand euros to €7 million upon the stretched halting of transfer.

The office of the commissioner claimed in a letter dated 23rd July that the world’s largest crypto exchange is guilty of “ignoring” yearly reminders to file its accounts for 2018, 2019, and 2020.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.