{"id":34473,"date":"2022-08-26T16:46:34","date_gmt":"2022-08-26T20:46:34","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=34473"},"modified":"2022-08-26T16:46:39","modified_gmt":"2022-08-26T20:46:39","slug":"binance-restricted-tezos-tool-contributor-corporate-account-on-law-enforcement-request","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-restricted-tezos-tool-contributor-corporate-account-on-law-enforcement-request\/","title":{"rendered":"Binance restricted Tezos tool contributor corporate account on law enforcement request"},"content":{"rendered":"\n
Cryptocurrency exchange Binance <\/a>stated that it restricted a Tezos tool contributor corporate account based on a law enforcement request after being criticized on social media. <\/h5>\n\n\n\n
\"Binance
Binance restricted Tezos tool contributor corporate account on law enforcement request<\/figcaption><\/figure>\n\n\n\n

In a thread on Twitter on Thursday, Binance stated that it has limited Baking Bad's Tezos account “as the consequence of a law enforcement request.” <\/p>\n\n\n\n

The Tezos contributor said that the cryptocurrency exchange had since July 1 “without any justifications” banned access to its corporate account\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which contained Bitcoin (BTC), Ether (ETH), Polygon (MATIC), Tether (USDT), and other tokens. Binance refuted this assertion.<\/p>\n\n\n\n

BakingBad is aware of [Binance's actions] and has offered the LE contact form through our support chat system on three separate occasions (7\/6, 7\/12, and 7\/22), according to Binance. Unfortunately, trying to mislead the community about your issue will not make anything different.<\/p>\n\n\n\n

The conversation went on to say:<\/p>\n\n\n\n

\u201cBinance is required to cooperate with such requests, the same as any other exchange<\/a>. 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.\u201d<\/p><\/blockquote>\n\n\n\n

\n

Our corporate @binance<\/use><\/svg><\/span><\/a> account is blocked since July 1 without any explanations. Today all our balances were set to zero (more than $1M). We have all the materials to begin the investigation and inform the community, but for now just stay away from Binance and @cz_binance<\/use><\/svg><\/span><\/a> #SAFU<\/use><\/svg><\/span><\/a> pic.twitter.com\/PpZSBhYpZS<\/use><\/svg><\/span><\/a><\/p>— Baking Bad (@TezosBakingBad) August 25, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

Given that the exchange and its subsidiaries operate in numerous nations throughout the world, it is unclear to which law enforcement body Binance was alluding.<\/p>\n\n\n\n

According to Baking Bad's LinkedIn profile, the platform is situated in Estonia, where extra anti-money laundering regulations went into effect in February for several businesses offering services related to cryptocurrencies.<\/p>\n\n\n\n

Different law enforcement and regulatory agencies that placed restrictions on firms and people with Russian <\/a>roots at the commencement of the war in Ukraine have received deference from Binance in the past.<\/p>\n\n\n\n

Binance would not “unilaterally freeze millions of innocent users' accounts,” according to a spokesman who talked to Cointelegraph in February. CEO Changpeng Zhao stated that the exchange must adhere to penalties in a manner similar to that of traditional financial institutions.<\/p>\n\n\n\n

In April, the exchange placed restrictions on the accounts of Russian citizens and residents, preventing them from utilizing Binance's spot, futures, and custody wallets<\/a>, as well as staked and earned deposits, to deposit money or conduct transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency exchange Binance stated that it restricted a Tezos tool contributor corporate account based on a law enforcement request after being criticized on social media. In a thread on Twitter on Thursday, Binance stated that it has limited Baking Bad’s Tezos account “as the consequence of a law enforcement request.” The Tezos contributor said that […]<\/p>\n","protected":false},"author":12,"featured_media":34475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[326,11195,11194],"class_list":["post-34473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance","tag-law-enforcement","tag-tezos-tool"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-208.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/34473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=34473"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/34473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/34475"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=34473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=34473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=34473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}