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Saturday, September 24, 2022

Binance Froze 1M USD Corporate Account As Law Enforcement Requested

The cryptocurrency exchange said it was unaware of why Binance barred access to its corporate account and accused a Tezos tool contributor of “misleading the community.”

After being criticized on social media, prominent cryptocurrency exchange Binance acknowledged that it had limited a Tezos tool contributor’s account access to $1 million in cryptocurrency.

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In a thread on Twitter on Thursday, Binance stated that it has limited Baking Bad’s Tezos account “as the consequence of a law enforcement request.” The Tezos contributor said that the cryptocurrency exchange had since July 1, “without any justifications,” banned access to its corporate account, which contained Bitcoin (BTC), Ether (ETH), Polygon (MATIC), Tether (USDT), and other tokens. the crypto exchange refuted this assertion.

Given that the exchange and its subsidiaries operate in numerous nations worldwide, it is unclear which law enforcement body the crypto exchange was alluding to. According to Baking Bad’s LinkedIn profile, the platform is situated in Estonia, where extra anti-money laundering regulations went into effect in February for several businesses offering services related to cryptocurrencies.

Binance Froze 1M USD Corporate Account As Law Enforcement: 

Several law enforcement and regulatory agencies that placed restrictions on firms and people with Russian roots at the commencement of the war in Ukraine have received deference from Binance in the past. The firm would not “unilaterally freeze millions of innocent users’ accounts,” according to a spokesman who talked to Cointelegraph in February. CEO Changpeng Zhao stated that the exchange must adhere to penalties like traditional financial institutions. In April, the exchange placed restrictions on the accounts of Russian citizens and residents, preventing them from utilizing Binance’s spot, futures, and custody wallets, as well as staked and earned deposits, to deposit money or conduct transactions.

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