Binance restricts account with more than $1 million upon “law enforcement” request

ambcrypto.com:

Binance, the world’s largest crypto exchange by daily volume, confirmed on Twitter that it had restricted an account that held more than $1 million at the time. The following tweet was in response to allegations by the account holder who goes by ‘TezosBakingBad’ on twitter.

— Binance (@binance) August 25, 2022

The group that holds the account in question also happens to be an active Tezos tools contributor. They shared their predicament on Twitter on 25 August, explaining how Binance had “blocked” their corporate account on 1 July. 

The tweet further added that the balance of the account, which the holder claimed was more than $1 million, was set to zero by the exchange. The tweet was further addressed to Binance CEO Changpeng Zao and also warned users to stay away from the exchange.

Binance responded within hours, and revealed that the concerned account was restricted due to a request by “law enforcement”. It is unclear at this point exactly which law enforcement agency prompted this action.

“Binance is required to cooperate with such requests, the same as any other exchange.” the tweet said.

Binance also revealed that the account holder had already been informed of the same, stating that the tweet from TezosBakingBad was an attempt to “mislead the community”.

“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