CyClean Platform Foundation Files a 1.5 Million Dollar Lawsuit Against Binance

A month after the entanglement with Binance and still no word from the world’s largest cryptocurrency exchange, the CyClean foundation filed a suit against Binance for 1.5 million dollars. This comes after a wild two months of July and August, which began with a listing agreement of the CyClean token (CCL). Things went south in early August when Binance denied the listing of CCL and did not follow up on the terms of the agreement. After numerous attempts to elicit a response from Binance, CyClean had no option but to take legal action against the cryptocurrency giant.

Binance’s Denial

Documents signed by representatives from both CyClean and Binance indicate listing agreements were reached on two separate occasions, once on July 29th and once on August 5th. CyClean had followed all appropriate steps to secure a spot on Binance’s list of traded cryptocurrencies, but the team was shocked to discover that Binance hadn’t proceeded as they had promised. The listing date was set for August 7th, but the CCL token was not listed.

To add insult to injury, Binance’s co-founder He Yi tweeted that CyClean was lying about its Binance listing, going so far as accusing CyClean of being a scam. In one of her tweets, which was retweeted and liked by many of her followers, she openly disgraced CyClean.

When CyClean responded by publishing an official statement and requesting that BInance act according to the listing agreement, Binance took a step backwards. This time, Binance’s CEO, Changpeng Zhao, also known as CZ, tweeted that CyClean was the victim of a scam. Here we witnessed Binance changing stances as it was pushed into a corner.

CyClean on the Offensive

With nothing to hide, CyClean marched forward to reveal the evidence it had against Binance. Starting with the actual agreement, a document with a signature from CZ, CyClean released the transaction numbers of the payments made to Binance and the messages that were exchanged between CyClean and Binance’s official email. Below is an image of the listing agreement.

CyClean’s Patience has Run Out

All of this happened about a month ago. Through its official channels, CyClean urged Binance to respond, but all that was heard was silence. After patiently waiting for a peaceful resolution, CyClean has now decided to address this issue in a different manner. Mr. Ho Jun Chang, CyClean’s legal counsel from SamYool law firm, spoke about the case.

He said, “The evidence we have obtained on this case between Binance and CyClean reveal no error on CyClean’s part with regards to following procedure. Despite the fact that there was no problem, Binance has not followed through on its obligations, due to some sort of internal problem. This isn’t how a number 1 exchange should behave, both legally and morally.”

Mr. Chang continued, “We are disappointed because we have not received a refund of the funds that were sent for listing, which should have already happened. Through this lawsuit, we expect to receive a refund for listing agreement and to receive reasonable compensation for damages.”

Public Concern for CyClean — How will this Play Out?

Recently, public opinion shifted from supporting Binance to siding with CyClean. Hearing about the situation between the two parties, people on the Internet have expressed their opinions about what is currently happening. Many offered their unbiased opinions, stating that the evidence provided by CyClean was enough to convince them that something was not right. Some people asked the question, “If Binance has nothing to hide, why won’t it publicly make a statement?” Others believe that Binance has some sort of internal issue that is doing harm to the organization. While third party people are speculating, Binance remains still.

Garnering support from its communities and from random folks on the Internet, CyClean is hoping to receive compensation for the damages suffered and to move forward. As a matter of fact, CyClean has achieved much in the past month. Coming to a successful end to its token sale, CyClean was immediately listed on Dobitrade exchange, a top ten cryptocurrency exchange in terms of 24 hour trade volume. On the first day of trading, CyClean soared by hitting 700% of its initial coin offering price. Shortly after, CyClean was listed on another top ten exchange, HitBTC, continuing to perform well in this stagnant market. It was as if the situation with Binance, although unpleasant, proved that CyClean knows how to get things done in the midst of adversity. And it seems like the cryptocurrency community recognizes this too.

CyClean did not want to walk this road, but it had no choice. We’ve mentioned it before, but we consider this a battle between David and Goliath. It’s not going to be an easy fight, but we are certain that we will receive fair payment for the injuries we’ve endured.

A Message to the CyClean Community

Finally, CyClean would like to thank our community members for their unwavering support. We’ve received emails and messages from our supporters from all around the world, and we cannot express how grateful we are. Our team gathered together and discussed how lucky we are for having supporters that stand by us even in the toughest of times. We ask for your continued support, as we believe justice will triumph in the end. We will continue to work with our very competent legal team put an end to this once and for all. Thank you, and we will keep you updated on how things progress.

[ For more information about CyClean, please visit our website at cyclean.io ]