Binance Accused of Illegally Blocking a Corporate Account and Debiting $1M

Binance Accused of Illegally Blocking a Corporate Account and Debiting $1M

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A user under the nickname Tezos Baking Bad accused the Binance exchange of blocking his corporate account and unreasonably deducting a huge amount from his account.

In a series of accusatory tweets, Tezos Baking Bad tells subscribers that in June, Binance support reported a law enforcement request related to his account and the start of an internal investigation.

According to Tezos Baking Bad, despite all attempts to resolve the problem, it was not possible to improve the situation, and as a result, the corporate account, on the balance of which there were more than $1 million, was blocked. Subsequently, the account was deleted, and the account was reset to zero.

Baking Bad puts the blame on Binance and alleges that “account activity was taken without any notice,” even though back in April, the account owner adopted Binance’s corporate know-your-customer (KYC) policy and then responded to the exchange’s requests for about the investigation.

Baking Bad opined that he basically "has no confidence that the law enforcement officers sent any requests, and the Binance services actually carried out any investigation." In the argument of the offended user, law enforcement agencies were supposed to receive a response from the exchange within 20 days, however, all Baking Bad's appeals to the US Department of Justice information service were inconclusive.
all the last two months. Making the situation even more suspicious is the fact that Binance, according to the user, zeroed out the corporate account without any court order.

Binance has said that Baking Bad is misleading the community and denies all allegations made against it. The Binance team assured that the account was frozen at the request of law enforcement agencies, about which the user was repeatedly informed, and recommended
seek clarification from the agency, as cases where a user account is completely frozen are outside the control of Binance.

The other day, attackers using deepfake technology and the face of the PR director of Binance tried to deceive
owners of several crypto projects. The scammers held a series of video calls via Zoom, where they discussed the conditions for placing crypto assets on the exchange.

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