Major exchange Binance has confirmed that it has restricted access to the account of $1 million worth of crypto by Tezos staking rewards audit firm, Baking Bad, “due to a law enforcement request.”

The Tezos contributor alleges that the exchange has been blocking access to corporate accounts containing Bitcoin, ETH, MATIC, USDT, and other tokens since July 1 “without any explanation” but was refuted by Binance.

The exchange said:

It is not clear to which authority the law enforcement agency Binance was referring, given that the exchange and its subsidiaries operate in many countries around the globe. Baking Bad’s LinkedIn page shows that the platform is based in Estonia, where many crypto-related services companies are subject to additional Anti-Money Laundering restrictions starting in February.

Binance has previously shown respect to the many regulatory and law enforcement agencies that have imposed sanctions on entities and individuals based in Russia after the start of the war in Ukraine.

These actions are understandable on the one hand. As a company that thinks in global categories, the exchange must make every effort to extend and scale up its operations. It will not be feasible to develop as vigorously and comprehensively as the exchange without complying with the legislative acts of the jurisdictions, getting permits, and answering the requirements of law enforcement services.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

Binance Freezes $1 Million Corporate Accounts Due To Law Enforcement Requests

Major exchange Binance has confirmed that it has restricted access to the account of $1 million worth of crypto by Tezos staking rewards audit firm, Baking Bad, “due to a law enforcement request.”

The Tezos contributor alleges that the exchange has been blocking access to corporate accounts containing Bitcoin, ETH, MATIC, USDT, and other tokens since July 1 “without any explanation” but was refuted by Binance.

The account in question was restricted as the result of a law enforcement request, which @TezosBakingBad is well aware of, as he was already advised of this multiple times and provided the LE contact form through our support chat system on 7/6, 7/12, and 7/22.

— Binance (@binance) August 25, 2022

The exchange said:

As we mentioned, Binance is required to cooperate with such requests, the same as any other exchange.

There is a process to contest the seizure with the agency should you wish to pursue that path. But that is done through the agency, Binance has zero control over that process.

— Binance (@binance) August 25, 2022

It is not clear to which authority the law enforcement agency Binance was referring, given that the exchange and its subsidiaries operate in many countries around the globe. Baking Bad’s LinkedIn page shows that the platform is based in Estonia, where many crypto-related services companies are subject to additional Anti-Money Laundering restrictions starting in February.

Binance has previously shown respect to the many regulatory and law enforcement agencies that have imposed sanctions on entities and individuals based in Russia after the start of the war in Ukraine.

These actions are understandable on the one hand. As a company that thinks in global categories, the exchange must make every effort to extend and scale up its operations. It will not be feasible to develop as vigorously and comprehensively as the exchange without complying with the legislative acts of the jurisdictions, getting permits, and answering the requirements of law enforcement services.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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