By Nathan Ferguson
Binance, a prominent crypto exchange organization, has confirmed that it halted access to a corporate account of up to $1M worth in crypto linked to a tool contributor for Tezos following it was asked to reply on social media. A Twitter thread on Thursday brought to the front that Binance justified restricting the account of “Banking Bad” – the author of staking rewards on Tezos – by noting that the law enforcers have sent the platform a request in this respect.
Halting of a Corporate Account by Binance over Law Enforcement Enrages the Holder
The Tezos contributor accused the company of having restricted access to the complainer’s corporate account, which comprises Ether (ETH), Tether (USDT), Bitcoin (BTC), Polygon (MATIC), and several other digital assets, since the start of July and no explanation has been provided by Binance on this. Nonetheless, the respective claim was refuted by Binance.
The crypto exchange replied to this and mentioned that the holder of the respective corporate account had already known about the operations of the exchange as the platform had in advance been directing this frequently and an LE contact form was also offered by them via their system of support chat on 7/6, and then on 7/12 as well as 7/22. The venue added that if the complainant tries to mislead the community, nothing will be changed unluckily.
As per Binance, the exchange has to collaborate with requests like this one as the other exchanges do. It moved on to say that if the account holder intends to go through a procedure to challenge the seizure which can be done via the agency and Binance cannot control that process. It is ambiguous to which agency of law enforcement Binance was pointing, keeping in view that the platform as well as the sub-branches run in several countries worldwide.
Binance Keeps on Complying with Laws and Expanding across the Globe
The LinkedIn page of Baking Bad displayed that Estonia was the birthplace of the venue where several entities offering crypto services were liable to extra restrictions related to Anti-Money Laundering beginning in February. Formerly, Binance has expressed to comply with several regulatory and law enforcement authorities that implemented sanctions on the individuals and entities based in Russia after Russia invaded Ukraine and initiated a fierce war there.