Binance freezes $1 million corporate account at the request of the authorities
The exchange did not specify from which specific bodies this demand came
27.08.2022 - 11:15
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What’s new? On August 25, representatives of cryptocurrency exchange Binance reported on Twitter that the platform had blocked a $1 million corporate account associated with BakingBad, a staking rewards auditor on the Tezos network, at the request of law enforcement agencies. BakingBad’s account was blocked back on July 1. The Tezos contributor claimed that his corporate account was blocked by the exchange “without any explanations.” In response to this claim, Binance wrote that the platform had repeatedly notified BakingBad of the future blocking.
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
What else did the exchange’s representatives add? Binance also noted that “attempting to mislead the community in regards to your case will not change anything, unfortunately.”
“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,” the crypto exchange added.
In this, Binance did not specify from which law enforcement agencies the request came.
Earlier, the platform announced the launch of a system to assist government regulators and law enforcement agencies — the Law Enforcement Request System (LERS). Government representatives will be able to send requests to the platform to provide information about users needed as part of investigations.
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