A Maltese Fund Sues Binance for Evasion of Cancer Donations Payment
According to The Times of Malta, the Malta Charitable Foundation has filed a lawsuit against the cryptocurrency exchange Binance due to evasion of payments to help people with cancer.
In 2018, Binance opened a bank account in Malta and created the Blockchain Charity Foundation (BCF). The organization pledged to donate $200,000 to the country’s Charity Fund to help people with cancer and people with disabilities.
According to information on the BCF website, donations have exceeded $9.69 million at the time of writing. But the money promised to the Maltese fund was never paid.
According to the former President of Malta, Marie-Louise Coleiro Preca, the matter of transferring donations was previously discussed with the country’s authorities, but this did not bring any results.
The Binance Charity Foundation is accused of trying to unilaterally terminate a donation agreement.
The plaintiff asks the court to prohibit the liquidation of the BCF legal entity, as the organization is trying to evade its obligations and transfer funds to an account in the United States.
Binance representatives, in response to the accusations, said that the money should have been paid directly to cancer patients. The liquidation is associated with the opening of an identical division in the USA, and the company does not intend to evade the assumed obligations.
Recently, several crypto funds announced they would end their partnership with digital currency exchange Binance due to the increased regulatory pressure on the company.