This was confirmed by Binance, the world’s largest cryptocurrency exchange by daily volume Twitter He restricted an account containing more than 1 million dollars true then. The following tweet was in response to the claims of the account holder who moved to “TezosBakingBad” on Twitter.
The account in question has been blocked as a result of a request from law enforcement authorities, which Tweet embed He is well aware that he has already been informed of this many times and submitted the LE contact form via our support chat system on 7/6, 7/12 and 7/22.
– Binance (binance) August 25 2022
What is all this fuss?
The group that owns the account in question happens to be an active contributor to Tezos Tools. They have shared their predicament Twitter On August 25, he explained how Binance “banned” its trading account on July 1.
The tweet also added that the account balance, which the account holder claimed to be over $1 million, was disqualified by the exchange. The The tweet was further directed at Binance CEO Changpeng Zao and also warned users to stay away from the exchange.
Binance hit again
Binance replied Within hours, it revealed that the affected account had been restricted due to a request from “law enforcement.” It is currently not clear which law enforcement agency prompted this action.
“Binance should cooperate with such requests, just like any other exchange.” He tweeted.
Binance also revealed that the account holder had already been informed of the same and stated that the TezosBakingBad tweet was an attempt to “mislead the community.”
“There is a process to challenge the takeover with the agency if you want to continue down this path. But this is done through the agency, and Binance has absolutely no control over this process.” Exchange further explanation.
bad bread LinkedIn The profile reveals that the company is based in Estonia. This may explain why the Binance account is subject to restrictions.
Earlier this year, Estonia introduced additional anti-money laundering laws that included a revised definition of virtual asset service providers. This change resulted in the inclusion of crypto-related services in the said definition.
Within the updated law there is a provision that essentially prohibits wallets without storage. Violation of this entails penalties of up to €400,000.
Michael Zaiken, the co-founder of Peaking Bad, co-founded Atomex, a hybrid DeFi exchange that offers dishonest wallets. This may also have something to do with their account limit.
From Russia with sanctions
Earlier this year, Binance imposed restrictions and made changes to the exchange’s offerings to users from Russia, following the fifth package from the European Union. Penalties Against Russia due to the recent invasion of neighboring Ukraine.
The the changes For accounts owned by Russian citizens or residents of Russia, I have banned them from trading on the exchange if their account expires 10,000 euros.
Binance deposits and earned deposits, as well as its spot, futures and escrow wallets are no longer available for restricted accounts.