Crypto Exchange Giant Binance Restricts $1,000,000 Corporate Account, Cites Law Enforcement Request

The world’s largest cryptocurrency exchange by trading volume has restricted corporate accounts with more than $1 million in crypto assets at the request of law enforcement agencies.

Digital asset exchange giant Binance To tell Locking down Tezos (XTZ) tool contributor accounts containing $1 million worth of crypto assets.

Additionally, Binance To tell A tool developer known as BakingBad is trying to mislead the wider crypto community by blaming the closure of crypto exchanges.

“The account in question was restricted as a result of a law enforcement request. [BakingBad] He has been informed of this many times already and is familiar with it as he provided the law enforcement contact form through the support chat system on July 6th, July 12th and July 22nd.

Binance, like other exchanges, is required to cooperate with such requests. Trying to mislead the community regarding your case unfortunately won’t change anything.

However, BakingBad To tell I tried to recover my account using the contact form provided on Binance’s chat support, but got no response.

“Our Corporate Binance Account [has been] Blocked without any explanation since July 1st. All balances were set to zero today (over $1 million). We have all the materials to initiate an investigation and notify the community, but stay away from Binance for now

I have sent about 5 requests from. [the form provided in chat support.] And every time we write in favor of this. No response despite the fact that the deadline is 20 days. So it seems they have nothing to do with it and it is Binance’s decision.

While BakingBad challenges Binance’s claims, the cryptocurrency exchange repeat It no longer controls the process and BakingBad will have to work with the authorities to find a solution if it wants to regain access to its crypto assets.

As you know, this matter should be referred to the responsible law enforcement agency. Contact methods were provided over a month and a half ago. You will have to cooperate with such requests, and if you wish to pursue that path there is a process to contest the seizure with the agency. you can’t.”

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