Binance froze $1M corporate account due to law enforcement request

Binance froze $1M corporate account due to law enforcement request

After being exposed on social media, Binance, a major crypto exchange, has confirmed that it has restricted account access to $1,000,000 in crypto for Tezos tool contributors.

Binance claimed that it had blocked Baking Bad’s account on Tezos staking reward auditor Baking Bad because of a law enforcement request. This claim was denied by Binance.

Binance stated that BakingBad was well aware of Binance’s actions. He had been advised of it multiple times and provided the LE contact information through our support chat system on 7/6/7/12 and 7/22. Binance stated that he will not attempt to deceive the community about your case.

The exchange also added:

“Binance must cooperate with such requests the same way as any other exchange. If you want to challenge the seizure, there is an option to do so with the agency. Binance does not have any control over this process.
— August 25, 2022, Binance (@binance).

Binance didn’t specify to which law enforcement agency he was referring. The exchange and its subsidiaries are active in many countries around the world. Baking Bad’s LinkedIn profile showed that Baking Bad was based Estonia. This is where many crypto-related companies were subject to additional Anti Money Laundering restrictions, which began in February.

Similar: Merge: Binance will suspend ETH, ERC-20 deposits, and withdrawals

Binance previously reacted favorably to regulatory and law enforcement authorities who imposed sanctions against Russia-based entities and individuals after the outbreak of war in Ukraine. In February, a spokesperson for Binance stated to Cointelegraph that Binance would not unilaterally freeze accounts of millions of innocent users. Changpeng Zhao, CEO, said that the exchange must adhere to sanctions in the same manner as traditional financial institutions. The exchange had restricted Russian residents and nationals’ accounts so that they couldn’t trade or deposit using Binance spot, futures, custody wallets and staked and earned deposits.

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