Kirill Medvedev has filed suit against Binance for allegedly freezing funds tied to the Nimbus Platform Ponzi scheme.

Medvedev (right) is a crypto bro based out of Florida. He heads up Tenzor Capital, a Gibraltar shell company that pitches itself as a
“$40M venture capital fund … specializing in emerging cryptoassets and blockchain startups”.

According to Medvedev’s September 22nd filed Complaint, Binance, as BAM Trading Services Inc. and Binance Holdings Limited, cut him off from his account in March 2023.

Medvedev claims he opened a Binance account in May 2019 and

entered multiple agreements for the purchase of 58 bitcoins valued at over $2,378,000.00 as of March 2022.

Medvedev funded his Account using these bitcoins. From that time and up to March 2023, Medvedev was using purchased bitcoins for trading as a source of profits.

Medvedev contacted Binance customer support, who informed him “his Account had been blocked due to an internal review.”

After days of communication, Medvedev was told by Binance to contact an “officer in charge of this case” at a court in Madrid, Spain.

Medvedev acquired legal counsel in Spain, which led to the discovery of a criminal investigation into Nimbus Platform.

Medvedev’s Account had been frozen due to an ongoing criminal proceeding in Spain, specifically in the Juzgado Central de Instrucción No. 6 of the Audiencia Nacional, identified by proceeding number DPA 78/2020 (“Proceeding”).

Across Legal and its lawyers intervened in the Proceeding on behalf of Medvedev.

The Proceeding revolves around a failed Initial Coin Offering (“ICO”) launched by Nimbus Platform about five years ago, which is currently the subject of the previously mentioned criminal investigation in Spain.

Medvedev claims his Spanish legal counsel “did not find any order directly authorizing Binance to freeze Medvedev’s account.”

He does however confirm that the bitcoin in his Binance account is linked to Nimbus Platform.

Medvedev’s only connection to the Proceeding is the fact that the bitcoins in his Account at one point belonged to Nimbus Platform.

Nevertheless, Medvedev had purchased these bitcoins in good faith years after the Nimbus Platform ICO, as stated above.

Taking that at face value, it appears neither Medvedev or Tenzor Capital ever had anything to do with Nimbus Platform.

When Medvedev queried Binance on the freeze, Binance told him it was

not at liberty to disclose such order…”

Following this response, Binance did not provide further clarifications.

This is typical of cooperation between cryptocurrency exchanges and criminal investigations.

Medvedev next claims he logged into his account in August 2023,

only to discover that substantially all of his funds had disappeared, leaving only around $90.

Medvedev claims neither he or his Spanish legal counsel receiving notification from Binance of the Spanish court regarding what appears to be a seizure.

Medvedev thus concludes his
“funds were illegally taken by Bin

🤖 Quick Answer

Who is Kirill Medvedev and what is his connection to this lawsuit?
Kirill Medvedev is a Florida-based cryptocurrency entrepreneur who heads Tenzor Capital, a Gibraltar-registered venture capital firm specializing in emerging cryptoassets and blockchain startups. He filed a lawsuit against Binance in September 2023, alleging the exchange froze his account containing over $2.3 million in bitcoins without justification.

Why did Binance allegedly freeze Medvedev's account?
According to the complaint, Binance froze Medvedev's account in March 2023. The company justified this action by linking the account to the Nimbus Platform Ponzi scheme. Binance, operating as BAM Trading Services Inc. and Binance Holdings Limited, claimed the funds were associated with fraudulent activities requiring regulatory compliance measures.

**What is the Nim

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