Binance is accused of illegally blocking a corporate account and writing off $1 million – Bits Media

A user under the nickname Tezos Baking Bad accused the Binance exchange of, that she blocked his corporate account and groundlessly debited a huge amount from the account.

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

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 sheet of which there were more than $1 million, was blocked. The account was subsequently deleted, and the account is reset.

Our corporate @binance 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 #SAFU pic.twitter.com/PpZSBhYpZS

— Baking Bad (@TezosBakingBad) August 25, 2022

Baking Bad Blames Binance and Claims, that “actions on the account were carried out without any notification”, although back in April the account owner accepted Binance’s corporate “know your customer” policy (KYC), and then responded to exchange inquiries regarding the investigation.

Baking Bad has an opinion, that he basically “has no confidence in, that law enforcement officers sent any requests, and Binance services did conduct any kind of investigation.”. In the argument of the offended user, law enforcement agencies should have received a response from the exchange within 20 days, however, all of Baking Bad's calls to the information service of the US Department of Justice were unsuccessful
all the last two months. What makes the situation even more suspicious is the fact, that Binance, according to the user, reset the corporate account without any court decision.

Binance announced, that Baking Bad is misleading the community and denies all the allegations brought against it. The Binance team assured, that the account was frozen at the request of law enforcement services, about which the user was repeatedly informed, and recommended
contact the department for clarification, since cases, when a user account is completely frozen, are outside of Binance's control.

Recently the attackers, using deepfake technology and the face of Binance PR Director, tried to deceive
owners of several crypto projects. Fraudsters conducted a series of video calls via Zoom, where they discussed the conditions for placing crypto assets on the exchange.