Binance is hitting customers with $4.4 billion in misdeposited funds

Binance has successfully recovered $4.4 billion in digital assets for users who made mistakes with their deposits. This follows the approval of a $4.3 billion settlement with the US Department of Justice. The company reports this on its blog.

The recovery follows a period in which users did not see their crypto appear in their accounts due to various errors. This happened after incorrect wallet addresses and compatibility issues. Meanwhile, Binance has faced a fine and regulatory issues, including recent issues in Nigeria and an exit from the Netherlands.

Binance in the Netherlands

Binance has decided to leave the Dutch market due to a conflict with De Nederlandsche Bank (DNB) over a required registration. Dutch customers had until July 2023 to withdraw their deposits and outstanding loans from the platform. After this date, purchases, transactions and deposits via Binance are no longer possible in the Netherlands. Binance was previously fined by DNB for offering crypto services without the necessary registration